Experts say the effect across the world will be uneven—creating some surprising winners and losers.
arring a near-miracle, sooner or later, sanctions will cripple Russia’s economy. To most economists, that seems like an open and shut case.
At the moment, money is fleeing Russia despite the recent imposition of capital controls in that country, and foreign investment that would have been destined for Moscow will get diverted elsewhere, says Robert Wright, a senior faculty fellow at the American Institute for Economic Research. “With the Russian stock market shut down people won’t be putting any more money into it,” he says.
“I would imagine U.S. resistance to getting highly skilled people is not as much of a problem versus unskilled labor,” says Erica Groshen, former Federal Reserve official and senior economic advisor at Cornell University School of Industrial & Labor Relations. The potential for a so-called brain drain is closely linked to how much Russia veers away from democracy, she says.Groshen sees defense industries and energy companies prospering in the near term.
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