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It's 'costly and unfeasible' to isolate a large economy like Russia's, economist says

“Russia's economic resilience in the face of sanctions has disappointed the West as the war in Ukraine drags on for a third year, but the lessons to be learned from this experience will be valuable,” says Elina Rybakova, an economist and emerging markets expert. of Eastern Europe, the Middle East and Africa. “The primary lesson is that the pursuit of complete isolation of a large, complex and globally integrated economy is costly and unachievable,” the economist told the Financial Times. Despite sweeping Western sanctions over its invasion of Ukraine, Russia posted GDP growth of 3.6% in 2023, following a contraction of 1.2% in 2022. The International Monetary Fund expects the economy to continue growing and will grow by 2.6% in 2024. Russia's economy continues to boom as Russian President Vladimir Putin prepares for sanctions from 2014. Moscow and Beijing have also launched alternative payment systems, for […]
Source: News Beast

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