The Russian economy contracted by 2.5% last year. According to President Putin, this is better than expected, analysts have predicted a much larger drop, according to the Russian leader.
The Russian economy is being hit by Western sanctions, including restrictions on fossil fuel exports. Also, many Western companies have decided to leave the country after the invasion of Ukraine.
President Putin held an economic meeting including the finance minister and the director of the central bank of Russia. “Some experts in our country, and also foreign analysts, had predicted an economic decline of between 10 and 20 percent,” Putin said during the meeting.
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‘Resilient’
The Kremlin acknowledges that there are economic challenges, but at the same time stresses that the Russian economy is resilient. According to Moscow, Western sanctions have had a greater impact on the economies of the countries that have imposed them than on the Russian one, also due to high inflation and energy prices.
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Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
