Russia's Economy is Being Slowly Asphyxiated
Russia is set to face a financially turbulent 2023 as sanctions imposed by the West following Vladimir Putin's invasion of Ukraine continue to bite, according to experts.
Reuters reported on Friday that a forecast among 15 analysts predicted that Russia's economy would shrink by a further 2.5 percent next year in a contraction that is expected to be less sudden, but more prolonged, than initially predicted.
Soon after the invasion of Ukraine on February 24, forecasters said that Russia's GDP in 2022 could fall by up to 15 percent. However, the analysts polled by Reuters stated that the figure likely stood at closer to three percent, suggesting that the Russian economy was more resilient than initially thought.
But speaking in Moscow on Friday, Chief economist at Russia's private Alfa-Bank, Natalia Orlova, said that even if the downturn "is not as big as we all thought at first, this does not mean that we can go into next year peacefully."
https://www.msn.com/en-us/money/markets/russia-s-economy-is-being-slowly-asphyxiated/ar-AA14RKqf