- cross-posted to:
- worldnews@lemmy.ml
- cross-posted to:
- worldnews@lemmy.ml
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.
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.