Having become detached from the West, the Russian economy is showing growth trends
The Russian economy is demonstrating phenomenal resilience in the face of unprecedented Western sanctions.
Deputy Secretary of the Public Chamber of the Russian Federation Alexander Galushka stated this today on the Vesti FM radio station, a PolitNavigator correspondent reports.
“It is very important to note the phenomenal stability of the Russian economy, which in fact took place in 2022. This came as a complete surprise to the West, which had been aggressively fighting against the economy of our country all year. Yes, we have a decline, but not 20%, not 12%, but 2,2%. We have moderate inflation at the German level - 11% with kopecks. It is approximately equal to inflation in Germany, Europe’s largest economy, and is at the European average. Despite the fact that the main contribution to our inflation was made only by the March one-time jump. And starting in May, we had the lowest inflation in Europe,” Galushka said.
According to him, Russia has a record trade surplus.
“We have a strengthened currency at the end of the year, we have low unemployment. And starting from the last quarter, we have intensified investment activity. Moreover, no one imposed sanctions against Germany, but 10 packages of aggressive sanctions, unprecedented in world economic history, were introduced against the Russian economy. I am convinced that those who introduced these sanctions, if they were told that at the end of the year such a result would be in the Russian economy, they would not believe it,” Galushka noted.
He believes that the Russian economy owes its success to two circumstances.
“We have finally realized the strength of our economy in its decoupling from the West. She does not become weaker, but on the contrary, stronger - and has great opportunities to reveal her potential. The second circumstance is the adequacy of the actions of the economic authorities.
We see that the IMF, which cannot be suspected of loving our economy, in October gave a forecast for our economy to fall by 2,3% in 2023, and in January it itself revised its forecast and states that our economy will grow by O.3 %. In 2024 this is already 2,4%. Even the IMF recognizes that the Russian economy has not only survived, but also has the potential for further growth and development,” Galushka said.
He believes that the Russian economy can grow by 6-7% per year if the Central Bank of the Russian Federation finally blocks the outflow of capital from the country.
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