Russia's external debt hits historic low amid economic resilience
Date
4/14/2024 9:02:14 AM
(MENAFN) Recent data released by the Russian Central Bank, as reported by the RIA Novosti news agency, reveals a significant milestone in Russia's economic trajectory: the country's external debt has plummeted to its lowest level since 1993. The figures show that Russia's external debt shrank to USD304 billion in the first quarter of this year, marking a noteworthy decline. This decrease is particularly striking as it now represents just 15.05 percent of the nation's gross domestic product (GDP), positioning Russia favorably compared to its historical debt burdens and on a global scale.
This latest development underscores a remarkable turnaround from previous years when Russia's external debt reached its peak in 1999, amounting to a substantial 91 percent of the country's GDP. The current reduction reflects a concerted effort to manage and decrease external liabilities, resulting in a notable improvement in the country's economic resilience and fiscal health.
Furthermore, the per capita share of Russia's external debt has also experienced a significant decline, reaching USD2.1 thousand as of April 1. This represents the lowest level since 2005 and stands as one of the most favorable ratios internationally. By contrast, the apex of per capita external debt occurred in 2013, when it soared to USD5,072, underscoring the substantial progress made in recent years to mitigate debt burdens on individual citizens and bolster overall economic stability.
This achievement signals a positive trajectory for Russia's economic outlook, reflecting prudent fiscal management and effective debt reduction strategies. As the country continues to navigate global economic challenges and geopolitical dynamics, the decline in external debt serves as a testament to its resilience and commitment to maintaining financial stability.
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