Posted 12/8/2023, 8:00:00 AM
Russia's Economy Shows Unexpected Resilience Despite Sanctions
- Russia's economy recovering better than expected despite sanctions, with 3.5% GDP growth forecast for 2022
- Key challenge is acute labor shortage, exacerbated by mobilization and migration
- Other risks include high inflation, squeeze on households' purchasing power
- Crucially, West has not curbed Russia's oil export revenues as hoped
- With high oil prices, Russia's budget deficit seen at just 1% of GDP for 2022