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Pitler’s war sets Russian economy back 4 years in single quarter
| Considering the lost output, GDP is now roughly equivalent to its size in 2018, according to Bloomberg Economics.
The jolt of international sanctions over the war disrupted trade and threw industries like car manufacturing into paralysis while consumer spending seized up. Although the economy’s decline so far isn’t as precipitous as first anticipated, the central bank projects the slump will worsen in the quarters ahead, reaching its lowest point in the first half of next year.
| The report also included a so-called risk scenario where global economic conditions deteriorate further and Russian exports come under additional sanctions. If that happens, Russia’s economic slump next year may be deeper than during the global financial crisis in 2009 and growth would only resume in 2025.
| The standoff over energy shipments to Europe raises new risks for the economy. Monthly declines in oil output will start as soon as in August, according to the International Energy Agency, which predicts Russia’s crude production will decline about 20% by the start of next year.
https://www.aljazeera.com/economy/2022/8/12/putinswar-sets-russian-economy-back-4-years-in-single-quarter
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| It took them only 3 months to set them back 4 years. A wave of international sanctions after Moscow’s invasion of Ukraine disrupted Russia’s trade and threw various of its industries into paralysis.
In a bleak tally of the war for Russia, an economy that was picking up speed at the start of 2022 swung into a contraction during the second quarter. Data on Friday showed gross domestic product shrank for the first time in over a year.