by Mathieu Rosemain
PARIS (Reuters) – The Russian economy is expected to grow three times faster than that of the euro zone in 2024, Vincent Mortier, director of investors at Amundi, said on Thursday, highlighting the ineffectiveness of sanctions imposed by Western countries as a result. of the invasion of Ukraine decided by Moscow.
Amundi expects Russia’s gross domestic product (GDP) to grow by 1.5% in 2024 and 2% in 2025, compared to 0.5% and 1.2% for the eurozone.
“This means that the United States, Europe, Japan, Australia – the large developed countries – are not capable of sanctioning a country effectively (…) We can deplore this but it is a reality”, estimated Vincent Mortier during a conference of the asset management company on its prospects for 2024.
The impact of the sanctions was quite strong on the freezing of the assets of a certain number of actors but not so much on Russian imports and exports, he observes.
Russia has managed to find new export routes to major economies like India and China as well as to countries like Turkey and Kazakhstan.
“Ultimately, if we take stock of the war in Ukraine, Europe suffered directly and greatly. For the United States, it is neutral. On the other hand, Turkey, Central Asia and Asia more generally in have benefited,” said Vincent Mortier.
(Reporting Mathieu Rosemain; Blandine Hénault for the , edited by Kate Entringer)
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