The Russian president, although he warned of a shrinking Russian economy, argued that it is doing better than most experts predicted
President Vladimir Putin said today that the Russian economy is likely to have contracted by 2.5% in 2022; but it is doing better than most experts predicted.
Putin, who was speaking during a meeting with top officials including the finance minister and the head of the central bank, said real wage growth should be encouraged.
“The actual dynamics turned out to be better than many experts predicted. According to the Ministry of Economic Development, Russia’s GDP in the period January-November 2022 decreased but ‘only’ by 2.1%,” Putin said.
“Some experts in our country, not to mention foreigners, predicted a decrease of 10% and 15% or even 20%. For the year as a whole, it is expected to decrease by 2.5%,” he added.
The war in Ukraine and the barrage of Western sanctions that followed has dramatically changed some sectors of the Russian economy, cutting off its biggest banks from the SWIFT interbank trading system, limiting its access to technology and its ability to export oil and gas.
Although the government and central bank have acknowledged difficulties, Moscow says its economy is resilient and that sanctions have backfired on the West, driving up inflation and energy prices.
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