The Russian economy has shown unexpected resilience and stability in the face of Western sanctions, according to presidential spokesman Dmitry Peskov. Speaking at the international exhibition ‘Russia’ on Saturday, Peskov stated that the latest projections indicate a 2.8% growth in GDP this year, surpassing even the expectations of Russian authorities.
Despite facing a challenging situation over the past year and a half, which included unprecedented sanctions, Peskov emphasized that the government not only managed to stabilize the economy but also exceeded growth predictions. He noted that in April, most forecasts projected GDP growth for this year at only 1.2%.
Peskov attributed Russia’s economic achievements to the “titanic, detailed work” of the country’s financial and economic regulators. He stated that their actions were proven to be correct, leading to growth in various sectors such as production and agriculture. Over the past several months, the government implemented several initiatives to support the economy, including capital controls and promoting the use of the domestic currency in trade.
Last year, Russia experienced a 2.1% contraction in GDP due to the severe economic restrictions imposed by Western states. However, according to President Vladimir Putin, the country has fully recovered from this downturn as of October this year.
The positive outlook for Russia’s economy is also echoed by Western financial institutions. The International Monetary Fund (IMF) has revised its growth forecast for the country’s economy twice this year. The IMF now predicts a 2.2% growth in Russia’s GDP for 2023, a significant increase from its previous projections of 0.7% in April and 1.5% in July.
The news of Russia’s economic rebound is a testament to the resilience of the country’s economy and the effectiveness of the government’s efforts to mitigate the impact of sanctions. Despite facing unprecedented challenges, Russia has managed to surpass expectations and demonstrate its ability to adapt and grow.
For more stories on the economy and finance, visit RT’s business section.