An influential global body has forecast Russia’s economy will grow faster than all of the world’s advanced economies, including the US, this year.
The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.
Oil exports have “held steady” and government spending has “remained high” contributing to growth, the IMF said.
Overall, it said the world economy had been “remarkably resilient”
“Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops,” the IMF said.
Yep. When you spend your sovereign wealth fund on massive quantities of military hardware, your GDP goes up. The negative is that you quickly drain your sovereign wealth fund and you aren’t investing in the future of your country. This money could have gone to getting the last 20% of Russians indoor plumbing, but it instead went to refurbishing tanks to get blown up in Ukraine.