Russia's economy is expected to grow faster than all advanced economies this year, according to the International Monetary Fund. Russia is expect

Russia is expected to grow faster than all advanced economies this year

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2024-04-17 20:30:08

Russia's economy is expected to grow faster than all advanced economies this year, according to the International Monetary Fund.

Russia is expected to grow 3.2% in 2024, the IMF said in its latest World Economic Outlook published Tuesday, exceeding the forecast growth rates for the U.S. (2.7%), the U.K. (0.5%), Germany (0.2%) and France (0.7%).

The prediction will be galling for Western nations which have sought to economically isolate and punish Russia for its 2022 invasion of Ukraine.

Russia says Western sanctions on its critical industries have made it more self-sufficient and that private consumption and domestic investment remain resilient. Meanwhile, continuing oil and commodity exports to the likes of India and China, as well as alleged sanctions evasion and high oil prices, have allowed it to maintain robust oil export revenues.

Russia's military-industrial complex has also expanded significantly during the war as defense spending and production have rocketed. In short, Russia has adapted to a "new normal" as its economy has been put on a war footing.