Russia Sees Resilient Economy Despite War on Ukraine, Sanctions
- Economy ministry forecasts show growth at pre-Covid levels
- Russia benefits from re-routed trade, more military production
The ruble is the third-worst performing currency this year among emerging markets.
Photographer: Alexander Nemenov/AFP/Getty Images
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Russian policymakers believe the nation’s economy has adapted to the costs of the war on Ukraine and international sanctions and will continue to grow over the next few years.
The Economy Ministry sees Russian gross domestic product slowing to 2.3% over the next two years from 2.8% in 2023, according to its macroeconomic forecast through 2026, which was discussed at a government meeting led by Prime Minister Mikhail Mishustin Friday and seen by Bloomberg News. GDP growth is expected to further decline to 2.2% in 2026.