Russian economic ‘resilience’ is not what it seems

Russian economic ‘resilience’ is not what it seems

From omfif.org

The markup in the International Monetary Fund’s 2024 Russian growth forecast from 1.1% to 2.6% has elicited stories about Russian economic ‘resilience’. For decades, Russia ran highly orthodox and prudent macroeconomic policies, accumulating wealth amid extremely low debt levels. The strength of these orthodox ‘Fortress Russia’ policies created substantial fiscal space, which is now helping Russia finance highly stimulative fiscal policies to support its war against Ukraine and weather the associated economic stresses. Economic policy-makers can support growth in the short run with large fiscal stimulus or ... (full story)

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