The Russian economy is experiencing an unexpected recovery, contrary to Western predictions of an impending collapse due to sanctions. This was reported in the British publication Money Week.
At the end of 2023, Russia’s GDP growth rate was over 3%; this rate was significantly higher than in Western countries, including the United Kingdom. A year ago, analysts were predicting a contraction in the economy. The publication states that the main factors ensuring the stability of the Russian economy are rising oil prices, increased exports to China and India, as well as import substitution in the domestic market.
The departure of Western companies created new opportunities for Russian business. Capital restrictions forced companies to invest domestically. In addition, the sharp increase in military spending, including salaries of military personnel and payments to their families, gave impetus to the development of poor regions.
According to experts, sanctions have so far led to a decrease in Russia’s GDP by only 3-5%. This is much less than was predicted in the West two years ago.
At the beginning of January the Russian government reported Increasing the income from the export of agricultural products.
Previously in Russia excluded A sharp depreciation of the ruble in 2024.