The IMF estimates Russia's economy will grow faster than the likes of the US, UK and Germany this year.

An influential global body has forecast Russia’s economy will grow faster than all of the world’s advanced economies, including the US, this year.

The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.

Oil exports have “held steady” and government spending has “remained high” contributing to growth, the IMF said.

Overall, it said the world economy had been “remarkably resilient”

“Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops,” the IMF said.

  • merthyr1831@lemmy.worldEnglish
    74·
    8 months ago

    Turns out the intl sanctions have just shifted Russia towards domestic industries and massive govt spending, invalidating half a century of propaganda against domestic spending and indigenous industry, oops!

    Yes, the war has its negative impacts hidden by this metric, but Russia did the objectively correct thing by not scrambling to replace lost intl trade. Compare with the UK that hasn’t made up for lost intl. trade since brexit and is still suffering for it.

    • BombOmOm@lemmy.worldEnglish
      101·
      8 months ago

      Yep. When you spend your sovereign wealth fund on massive quantities of military hardware, your GDP goes up. The negative is that you quickly drain your sovereign wealth fund and you aren’t investing in the future of your country. This money could have gone to getting the last 20% of Russians indoor plumbing, but it instead went to refurbishing tanks to get blown up in Ukraine.