The United States and G-7 have recently imposed new economic sanctions on Russia in response to its ongoing invasion of Ukraine. These sanctions join a list of existing penalties already in place. Despite these international pressures, the Russian economy is predicted to grow by 3.2 percent this year, as stated by the International Monetary Fund (IMF). In comparison, the US is forecasted to have a growth rate of 2.7 percent.
The relative economic success of Russia can be attributed to its decision to focus its economy on supporting the military. This strategic move has allowed Russia to withstand the impact of international sanctions more effectively than anticipated. With Andrei Belousov, who is also an economic expert, taking over as defense minister, it appears that Russia’s intertwining of its economy and military will become even more pronounced.
This orientation towards military support could potentially lead to significant growth in Russia’s economy despite facing significant international pressure. The IMF’s projection that Russia’s economy will continue growing at a rate of 3.2 percent despite facing new sanctions highlights this potential for continued growth under Belousov’s leadership as defense minister.
In summary, while Russia faces significant international pressure due to its ongoing invasion of Ukraine, it has been able to navigate these challenges through its strategic decision to focus on supporting the military and using this approach to strengthen its economy. With Belousov leading the way as defense minister, it looks like Russia will continue growing economically in the coming years.