Central Moscow. Valery Sharifulin / TASS
Moscow Times: 5 Graphs Explaining Russia’s Wartime Economy
As Russian officials play down the economic impact of President Vladimir Putin’s order to invade Ukraine, the emergence of end-of-year data from 2022 in recent weeks has painted a mixed picture of the economy’s performance.
There were some positive signs: inflation receded after hitting a peak in April, while oil and gas revenues reached record levels.
The International Monetary Fund last week even revised upward its forecast for the Russian economy, predicting 0.3% growth in 2023.
However, at the same time, remittances skyrocketed last year as a flood of people left the country, banking profits fell and the country’s budget deficit reached record levels.
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WNU Editor: There are some other indicators that should be noted. The Russian ruble has not imploded as many in the West predicted (link here), and Russia's foreign currency (link here) and gold reserves (link here) are near their old time highs. Unemployment is at an old time low (due to the war economy), and the country's inflation rate and interest rate numbers continue to decline (link here).
There is also another stat that is not in the official government numbers. It is Russia's massive underground economy. Almost everyone I know in Russia has a side hustle. And no one reports what they earn on the side to the government.
1 comment:
Im curious how much imports have slowed from various western countries and how these things will affect exports and domestic goods. They are pretty much done as an arms exporter I would imagine from their equipments poor performance.
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