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Russia to grow faster than all advanced economies says IMF (www.bbc.com)

submitted 8 months ago by MicroWave to c/world

38 comments fedilink hide all child comments

An influential global body has forecast Russia's economy will grow faster than all of the world's advanced economies, including the US, this year.

The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.

Oil exports have "held steady" and government spending has "remained high" contributing to growth, the IMF said.

Overall, it said the world economy had been "remarkably resilient"

"Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops," the IMF said.

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[–] Linkerbaan -2 points 8 months ago (2 children)

But that money has to come from somewhere. Money printer go brrrr means massive inflation

[–] BombOmOm 1 points 8 months ago* (last edited 8 months ago)

Money printer go brrrr means massive inflation

It does. But that inflation doesn't hit instantly. Russia is banking they can weather this storm of their own making by draining their soverign wealth fund, emptying their Soviet stockpiles, and applying dizzying interest rates of 16%. These are short term boons that have very profound long term downsides for Russia.

[–] [email protected] 0 points 8 months ago (1 children)

That's pretty old school thinking.

As though your village only has so many carrots so giving everyone twice as much money means carrots will cost twice as much.

These days the thinking is, if everyone has a little money then more people will grow more carrots to sell.

The extra money floating around motivates people to produce value in order to win some of that cheddar.

Of course, this only works up to a point.

[–] Linkerbaan -2 points 8 months ago

Of course, this only works up to a point.

Ah yes I recognize this economic model.