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As of 2023 Russian economy You will feel even more the consequences of the sanctions imposed on you for invading Ukraine, warns the International Monetary Fund (IMF).
The organization notes that this year Russia It is better able to resist sanctions, so its GDP is expected to fall by 6% rather than 8.5% as was estimated in April.
By 2023, according to IMF forecasts, the Russian economy will contract by 3.5%. While it won’t fall as much as expected, they point out that this will be the year that Russia will take more notice of the multiple sanctions it has imposed on the country.
“We believe that the impact sanctions lead to further deterioration in 2023,” said Pierre-Olivier Gurinsha, IMF research director.
According to Gurinsh, there are mainly two reasons why Russia is not falling as much as expected.
First, these are the measures that the country has taken to stabilize its financial sectorwhich proved to be “very effective” and “helped support the national economy”.
On the other hand, the IMF official notes that the country has benefited from oil and gas exports to the rest of the world, especially to Europe, in the context of rising energy prices, such as the current one.
In addition, the IMF points out that domestic demand was strong in Russia thanks to fiscal support measures, as well as actions to restore confidence in the financial system, “which seemed impossible at the beginning of the crisis.”
(According to the EFE agency).
Source: RPP
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.