Posted on 02/11/2023 11:35:11 AM PST by Kazan
Improved forecast echoes IMF prediction that Russia will overtake Germany and UK in 2023
The Russian economy should pick up again in the middle of the year, the Central Bank announced on Friday, revising its latest forecasts upwards. The outlook is much better than many had anticipated.
Speaking to reporters, Russian Central Bank Governor Elvira Nabiullina said the better-than-expected GDP forecast is due to the upward revision of previous estimates and “Bigger budget outlays than reflected in our October forecast.”
Signs of economic recovery in Russia emerged late last year, with GDP showing positive momentum in the third and fourth quarters, the regulator noted.
“If we talk about annual indicators, in our opinion, GDP will move into positive territory in the middle of the year. As for the overall GDP estimate for this year, we give a symmetric range of -1% to 1%,” said Nabiullina.
Russia became the target of sweeping Western economic sanctions last year, designed to pressure Moscow domestically and internationally by disrupting its trade relations and supply chains. The restrictions included measures to cut off the Russian Central Bank from the international financial system, blocking its access to billions of dollars in assets abroad. A number of Russia’s largest banks have been kicked out of the SWIFT global financial messaging system.
Meanwhile, the Central Bank’s improving outlook echoes forecasts from the International Monetary Fund (IMF), which also predicts Russian GDP will grow in 2023 after contracting 2.2% last year. According to the IMF, Russia will overtake Germany and Britain, with economic growth of 0.3% this year, then 2.1% in 2024.
Maybe branDUHn’s sotu was for russia? 🤔🙄
Puin was prepared for this based on how this administration has done things in the past via sanctions etc. However this time countries were not so favorable to jump on Bidens ship regarding Russia.....and if some did they wer still trading with Russia behind the scenes.
And at home....shutting down Keystone was his first BIG mistake.
And now they're talking killing off gas stoves and guess what...I have gas heat.
How’s that embargo going Joey ?
“Don’t underestimate Joe’s ability to wee wee things up.”
“Improved forecast echoes IMF prediction that Russia will overtake Germany and UK in 2023.”
Overtake Germany and the UK in GDP?
That is not at all likely.
As for per capita GDP, Russia would be lucky to overtake Kazakhstan.
I think they'll be fine even if Liechtenstein is sanctioning them. There's a lot of world out there beyond the Five Eyes and EU.
How is -1% positive territory?
A real president would have stopped this war from happening in the first place.
Lol...that’s better than “Great” Britain forecast.
Great news. Will be an inspiration to BRICs nations who are well-aware of the west breaking laws to penalize others.
When you’re making bullets and replacing equipment... You tend to boost your economy.
https://www.worldometers.info/gdp/gdp-by-country/
Russia has the 11ith largest GDP in the world. Kazakhstan is 55th.
And, Russia is only in position to overtake the UK and Germany because of Biden's failed sanction war, which every conservative should be condemning.
That's hilarious. Now do it in a real currency.
Let’s see Russia is selling what oil they can for barely above cost to produce, income take year to year went from 1 billion to-1 billion. Lossof people who left, loss of people who have died( positive mink coat industry is thriving), loss of people conscripted
Petroleum makes up 40% of their revenue and it is way down, their own number show that they have spent 60% of annual budget in January.
Would imagine their second largest source of income which is military sales is taking a big hit. Notice T-90S which is export model is showing up as battlefield loses
15 million a day war is costing
Prosperity
LOL!
If they said -2.2%, it was probably -12.2%.
I have no dog in this stupid Russia/Ukraine war but Russia is demographically doomed. They are not replacing their population fast enough and their population will soon be imploding - even more than it is presently.
Please note, I said per capita GDP.
Per capita GDP in Russia is $25,763
Per capita GDP in Kazakhstan is $26,491
https://www.worldometers.info/gdp/gdp-per-capita/
Russia will not overtake Germany or the UK in GPD.
Germany’s GPD is twice that of Russia,
As this very article states: “As for the overall GDP estimate for this year, we give a symmetric range of -1% to 1%.”
Russia with a growth rate of -1% is not going to catch Germany.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.