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Russia on course for growth despite sanctions
Russia's economy grows more slowly but still outpaces the West. Discover how Western sanctions impact Russia's growth and why experts predict a stronger economy in 2024. Find out more here.
Russia on course for growth despite sanctions
The Russian economy, despite the increasing impact of Western sanctions, is experiencing imminent growth that exceeds that of many European countries. According to International Monetary Fund (IMF) forecasts, the Russian economy is expected to grow by 3.2 percent in 2024, compared to 3.6 percent growth in 2023. While this represents a decline, Russia will still grow faster than many Western countries.
According to the IMF, the reasons for Russia's relative strength are stable oil exports and investments by private and state companies that support the country's economy. Despite the sanctions, the IMF has raised its economic growth forecasts for Russia. Nevertheless, growth is expected to continue to decline in the coming years, but will still be higher than initially expected.
The IMF forecasts suggest that the global economy is resilient overall, but that the West is weaker in comparison. Europe and the UK are forecast to record growth of 0.5, with the UK expected to have one of the weakest performances among the G7 nations.
Despite expected economic growth in 2024, Putin and Russia face challenges. Economists are seeing the first signs of economic decline and are warning that the current strong growth is not sustainable. The costs of circumventing sanctions are weighing on the Russian economy, and increasingly mixed signals from Russia's trading partners suggest further uncertainties for the country's future.