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Forecast: Russian economy to shrink by 15 percent

2022-06-08 20:17:05Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Forecast: Russian economy to shrink by 15 percent

The Russian economy is expected to shrink by 15% this year and another 3% in 2023, due to the heavy blow it has taken from sanctions, since the start of the attack in Ukraine on February 24, which would undo 15 years of economic advances, the Institute of International Finance, a group operating in the global financial services industry, reported.

The sustainability of the ruble, the Russian currency, has partially protected the country's economy from the full impact of sanctions. What is supporting the ruble are sales at high levels of oil and natural gas, and the Russian Central Bank, which has raised interest rates and imposed controls on capital, not to allow money to leave the country.

President Vladimir Putin said this week that unemployment and inflation are decreasing, supporting his frequent claims that Russia is doing well, despite Western sanctions.

However, the Institute of International Finance argues that sanctions, in part by encouraging foreign companies to abandon Russia, are hurting the country's economy, undoing more than a decade of economic growth. But according to the group, some of the most significant consequences of the sanctions have not yet been felt.


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