“The collapse of the Russian economy is inevitable”
The United States, the European Union and the United Kingdom have imposed over 20,000 restrictions and sanctions on Russia, its leaders, its oligarchs, society, the economy itself and, of course, Putin.
These measures were aimed at decimating institutions and sectors of the Russian economy, as well as preventing the Kremlin from financing a long-term war.
But for the time being, Russia has managed to survive economically. According to data from the International Monetary Fund, the Russian economy grew faster than the G7 as a whole last year, and will do so again in 2024. The IMF thus underlined Moscow's economic strength. In his annual speech, the head of the Kremlin even admitted that the Russian economy was suffering.
To combat this situation, Moscow has chosen to draw closer to China and India, thus escaping the economic attacks of Western countries. But economists say this is only “short-term”.
For British economist Roger Bootle, in an interview with the Telegraph, “the war economy is going to explode”. Last year, Russia's inflation rate averaged 5.9%. This year, it has reached 9.5%.
(MH with AmBar/Source: The Telegraph/Photo: Anna Kasputina/Pexels)