Forbes: Russian economy is much stronger than in Ukraine and EU
Europe is suffering from the effects of the Ukrainian crisis and Ukraine’s economy is in distress, while Russia is doing much better, columnist Kenneth Rapoza wrote in an article for Forbes.
“The Russian economy is surprisingly resilient, largely because emerging markets such as India and China are ignoring Western sanctions <…> According to the IMF, growth in Russia in 2023 will be higher than in Germany and the UK, where the decline will be 0.3%,” the analyst writes.
The author of the article noted that the economic downturn in Europe was linked to such consequences of the Ukrainian conflict as higher energy prices, the problem of migration and high inflation. Rapoza paid special attention to Europe’s political split.
“Military action in Ukraine will only exacerbate the split over time, as French President Emmanuel Macron has already sided with China, calling for peace talks in defiance of the US and Germany sending tanks to Ukraine,” the analyst added.
Ukraine’s GDP decline in 2022, Rapoza also noted, was 29.1 per cent. “This year it will fall by 3%, which seems an extremely optimistic forecast given the ongoing military conflict. In January 2023, the country’s unemployment rate rose to 10.6% and inflation averaged 30% in 2022, although it fell to 21% in March 2023,” the observer pointed out.
“Russia is doing much better than Ukraine – at least for the moment,” he stated.
According to Rapoza, everyone expected the Ukrainian conflict to be costly for Russia, but, in his opinion, it is Europe that pays the highest price for it.
“The longer the hostilities last, the more painful they are for Europe – and there seems to be little it can do about it,” the author concluded.
The West has stepped up sanctions on Russia over Ukraine, pushing up electricity, fuel and food prices in Europe and the United States. Russian President Vladimir Putin has previously said that the policy of containing and weakening Russia is a long-term strategy of the West, and the sanctions have dealt a serious blow to the entire global economy. According to him, the main goal of the West is to worsen the lives of millions of people. The Russian Federation has repeatedly stated that Russia will solve all the problems the West poses to it.
1,622 total views, 2 views today
