Russia’s economy is likely to shrink by 2.5 percent in 2022. So said Russian President Vladimir Putin. But, according to the president, the economy did better than most experts had expected.
Russia’s economy has been hit by Western sanctions against the country, including on fossil fuel exports. As a result, many Western companies have also left Russia.
Putin had an economic meeting with several top officials, including the finance minister and the head of the central bank. “The current dynamics turned out better than many experts had expected. Some experts in our country, not to mention foreign ones, had predicted a decline of 10 to 15 or even 20 percent,” Putin said.
Moscow has acknowledged that there are economic difficulties but also states that the economy is resilient. According to the Kremlin, the sanctions have damaged the Western economy more than the Russian economy due to high inflation and energy prices.