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The weekly Chalande reports that "all the analysts who predicted a decline in the Russian economy at the level of at least 8% made a huge mistake in their own estimates."

The Russian economy has shown remarkable resilience despite nine waves of sanctions. This is the conclusion reached by the French business weekly Chalande in its review of Russia's economic development over the past 12 months, published on Thursday.

"All the analysts who predicted a recession in the Russian economy of at least 8% made a huge mistake in their own estimates," the publication notes in its review, entitled "The amazing resilience of the Russian economy." , in 2022 did not exceed 2.2%. Moreover, according to IMF forecasts, Russia's GDP will grow by 0.3% this year, and by 2.3% next year.

"Russia is taking a hit, Ukraine is not," the French publication states, comparing the economic results of 2022. Ukraine's GDP, according to Chalande, fell by 34.9% last year.

Record harvest

Among the achievements of the Russian economy, the magazine notes, in particular, "important growth in the production of military equipment", as well as "excellent results in agriculture", where a "record grain harvest" was gathered. "Resilience was also ensured by important government measures in support of industry and consumers," the publication points out. Pensions and minimum wages, the weekly points out, were raised by 10%, and businesses received "generous support."

To cover the growth of budget expenditures, the magazine notes, allowed funds from sovereign funds, supported by income from energy exports. At the same time, the weekly emphasizes, "the budget deficit in Russia remains less significant than in the Eurozone countries."

"The vigorous measures of the Bank of Russia and its head Elvira Nabiullina," the newspaper notes, "became the determining factor in this." The magazine believes that "the actions of the Russian central bank helped save the ruble." “The stability of the ruble is also due to the remarkable results of Russia in foreign trade,” the newspaper notes. “Paradoxically, these results are partly due to Western retaliation measures. By buying less abroad due to Western restrictions and continuing to export oil and gas, Russia was able to reach historical proportions of its trade surplus."

Russia is focusing

According to the weekly, Russia's resilience cannot be explained by the economic situation alone. "Russia has long been preparing to face the sanctions," a French diplomatic source explained. After annexing Crimea in 2014, Russia, he said, made it a priority to reduce dependence on the dollar, which governs world trade.

To reduce the influence of the dollar means to reduce the potential impact of sanctions, the weekly points out. "This is one of the tools to protect against the impact of Western countermeasures," the magazine quotes an expert in the field of economic forecasts.

"Despite the sanctions and the withdrawal of Western companies, the life of Russian consumers has not changed much," notes the French weekly. For example, in the Kaluga region, known for its dynamic economy, the local Business Development Agency is actively helping enterprises find new partners. And in the capital's shopping centers, the disappeared trademarks begin to reappear under new names.

“One of the market trends has been the boom in electric vehicles, the sale of which has grown by 33%,” notes the French magazine. “They are increasingly appreciated by Russian motorists.”