📊 IMF: 0.3% growth for Russia's '23 economy; critics skeptical, citing state control & dwindling human capital. 🇷🇺💼 Oil & gas drive economy, but war losses impact workforce. ⛽🧑🔧 RussiaEconomy IMF
As far back as the end of 2018, there werewhen Rosstat, Russia's lead agency on the subject, got a new boss after President Vladimir Putin suggested publicly that there might be a problem with how government statisticians gather their data.
But the overall economy did not go off a cliff; Western countries continued to buy Russian oil and gas and the government ramped up spending on Ukraine-bound weaponry -- bullets, artillery shells, tanks, and missiles -- helping keep things afloat. In its latest report forecasting a 2 percent drop in Russian GDP for 2023, the Bank of Finland's Institute for Emerging Economies made a passing reference to the difficulty of analyzing Russian numbers.
"I think production numbers are still fine, but 2022 national accounts don't quite fit together," Korhonen said. For example,"investments are strange, especially since machinery and equipment imports went down a lot." The IMF is likely to adjust its forecast -- and past assessments -- when it releases its larger global outlook next month.
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