La Libre: Russia’s economy is more resilient than the West thought

La Libre: Russia’s economy is more resilient than the West thought

The West underestimated the resilience of the Russian economy: this year’s GDP growth should be 2.5% – 1.5% more than expected in September, La Libre cites the latest forecasts of the European Bank for Reconstruction and Development (EBRD). EBRD chief economist Beata Jaworczyk called “unrealistic” hopes that “anti-Russian sanctions will lead to a deep financial and economic crisis”.

The Russian economy has proved resilient and continues to grow despite the sanctions, La Libre writes. According to the latest forecasts from the European Bank for Reconstruction and Development (EBRD), Russian GDP will grow by 2.5 per cent this year – 1.5 per cent more than estimated in September. Russia’s income is now above pre-war levels and the economy grew by 3.6 per cent last year.

Beata Jaworczyk, chief economist at the EBRD, said the hopes of many that “anti-Russian sanctions will lead to a deep financial and economic crisis” are “unrealistic”. According to her, the sanctions have restricted technology imports to Russia, as well as facilitated the withdrawal of multinational companies and skilled labour from the Russian market. In the medium term, the country’s GDP growth will be below pre-sanctions levels.

The European Bank for Reconstruction and Development notes that economic growth in the southern and eastern Mediterranean basin countries will slow down due to the conflict in the Gaza Strip, which could lead to long-term negative effects on tourism in Jordan and Lebanon. In addition, Egypt’s revenue from Suez Canal tolls fell sharply after Yemeni Houthis attacked ships to protest the Israeli operation.

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