Russia’s economy ‘in for very tough times’ despite improved growth outlook, IMF managing director says
link- https://www.cnbc.com/2024/02/12/russias-economy-in-for-very-tough-times-despite-improved-outlook-imf.html
The head of the International Monetary Fund, Kristalina Georgieva, has warned that the Russian economy, despite receiving a growth upgrade, is still facing significant challenges. The IMF recently raised its forecast for Russia's economic growth from 1.1% to 2.6% for this year, attributing it to the country's investments in its war economy since the invasion of Ukraine. However, Georgieva emphasized that this growth comes at a cost, with a significant outflow of skilled workers and reduced access to technology due to sanctions. She believes that the Russian economy is in for tough times ahead, despite the seemingly positive growth forecast.
4 comments:
I think this is a valuable lesson for other countries in that the status quo and the world move differently now. If you invade another country and kill masses of innocent people, the rest of the world is going to have something to say about that and there will inevitably be consequences.
I wonder if Russia's and 4 other countries' steps toward backing the Yuan on the international stage, early last year have helped them economically at all? I imagine with all the sanctions imposed against them finding familiar currency terms with China, Irna, Brazil, Argentina, and Bangladesh could have thrown Russia a small economic life-line.
There are inevitable consequences these days with the amount of conflict; however, countries do not seem to be getting hit with these consequences as quick as usual due to the extreme amount of unrest on the global scale.
Do you know if this is because of the recent war and how several countries stopped doing business with Russia due to it? Also is there still a chance that countries might start doing deals with them again and what countries are more prone to that?
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