Russia`s economy enhances three times quicker than Eurozone

(MENAFN) Russia's economy is experiencing robust growth, defying Western sanctions and surpassing the expected expansion of the Eurozone, according to a report by investment firm Amundi, as cited by The Guardian. Contrary to predictions, Amundi forecasts a 1.5 percent increase in Russia's gross domestic product (GDP) for 2024, outpacing the Eurozone's meager projected growth of 0.5 percent. The firm's Chief Investment Officer, Vincent Mortier, highlighted the limitations of Western sanctions, stating that major developed countries, including the United States and Europe, have been ineffective in curbing Russia's economic momentum.

While acknowledging the impact of sanctions on specific Russian entities and individuals with frozen assets, Mortier emphasized that Russia's overall trade, including imports and exports, remains largely unaffected. Over the past 20 months, Russia has successfully redirected its trade to BRICS partners (Brazil, India, China, and South Africa) and countries like Turkey and Kazakhstan, mitigating the impact of sanctions. Mortier described this economic resilience as a "reality check," underscoring the failure of sanctions to significantly hamper Russia's economic activities.

Reflecting on the broader geopolitical implications, Mortier noted that Europe has borne the brunt of the consequences of the conflict in Ukraine, while the United States remains relatively neutral. In contrast, Turkey, Central Asia, and Asia, in general, have emerged as beneficiaries, capitalizing on increased trade with Russia. The report underscores the evolving dynamics of economic influence and the limited efficacy of sanctions in shaping the trajectory of a resilient Russian economy.

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