The International Monetary Fund (IMF) recently predicted that Russia’s economy will grow by 3.2 percent this year, despite the United States and G-7 imposing additional economic sanctions against Russia in response to the invasion of Ukraine. This growth rate is significantly higher than the forecasted 2.7 percent growth rate for the United States.
The success of Russia’s economy in the face of sanctions can be attributed to a strategic decision to prioritize supporting the military within the economy. This focus has allowed Russia to weather the impact of sanctions and continue to grow economically. As a result, Russia’s economic resilience in the face of international sanctions is likely to continue under the leadership of its new defense minister and economic expert, Andrei Belousov.
