The Russian economy grew by 3.6% last year, fully offsetting the 1.2% decline recorded in 2022, despite all the sanctions imposed by the Joe Biden administration and the European Union.
By Leonardo Buitrago
In 2023, Russia ranked fifth among the G20 countries in terms of economic growth.
According to Rosstat, the Russian economy grew by 3.6% last year, fully offsetting the 1.2% decline recorded in 2022, despite all the sanctions imposed by Joe Biden’s administration and the European Union.
The good figure for 2023 shows that the Russian economy has absorbed the initial impact of the sanctions and confirms that Moscow has managed to circumvent the restrictions through important alternatives such as China, India and Iran.
Activity was boosted by favorable energy prices, flexible credit conditions and, above all, domestic demand, stimulated by the priority defense sector.
This is the highest since 2021 when it was 5.6%.
For its part, India leads the G20 with GDP growth of 7.2% to 7.3%. It is followed by China with 5.2%, up from 3% last year.
In third place is Indonesia, with economic growth of 5.1% in 2023, down from 5.3% in 2022. Turkey, in fourth place, will see a GDP growth of 4.5% in 2023.
*With information from BRICS TV.
