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Russia Defies Most Dire Economic Forecasts Despite Looming Recession

  • Economy defies most dire forecasts though deep recession looms
  • Russian consumers are proving resilient after initial shocks
Updated on

Russia’s economic crisis has lost some of its sting, buying more time for President Vladimir Putin at home as his military presses a new offensive in its war against Ukraine.

Even with a recession looming and inflation approaching 20%, the economy has for the moment defied the most dire forecasts. JPMorgan Chase & Co.’s economists have seen enough upbeat signs to halve their forecast for a first-quarter contraction in gross domestic product to 5%.