Russian Economy Strengthens Despite Sanctions

Russia’s economy will grow more than the United States’ this year as its economy weathers Western pressure, International Banker reported on Thursday. Russia is grappling with worrying inflation, sky-high interest rates, an acute labor shortage and declining currency, yet its economy continues to grow.

Why it matters: Russia is under heavy sanctions from the West in response to its invasion of Ukraine. The fact that its economy is growing faster than that of major Western nations is an ominous sign for the U.S.

“The world’s largest country by area has thus far defied widespread expectations that U.S.- and European Union (EU)-led sanctions would expose key vulnerabilities in the Russian economy,” the report said.

Details: The International Monetary Fund’s (imf) October 22 issue of World Economic Outlook forecasts that in 2024:

• Russia’s economy will grow 3.6 percent.
• The U.S. economy will grow 2.8 percent.
• France’s and the United Kingdom’s economies will grow 1.1 percent.
• Germany’s economy will not grow at all.

This comes after a February report that Russia’s economy grew faster than those of every G-7 nation (Canada, France, Germany, Italy, Japan, the UK and the U.S.) in 2023.

• Earlier this year, the imf projected Russia’s economy would grow only 3.2 percent.

Prophesied rise: The Bible prophesies that Russia will soon be among the world’s most dominant nations. Its ability to stand up to Western sanctions shows it is on track to rise into its prophesied role.

Learn more: Read our Trends article “Why the Trumpet Watches Russia’s Return to Superpower Status.”