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The economy is growing by leaps and bounds: why the World Bank improved its forecasts for Russia

Date: June 18, 2024 Time: 09:30:13

Life will be better! “How, is it really even better?!” – you will be surprised. And the World Bank will answer you: there are no limits to the growth of the well-being of Russians!

But irony aside: the World Bank is really optimistic about the near future of the Russian economy. Just yesterday, World Bank experts believed that Russia’s GDP would increase by 1.3% in 2024. And today they published a new forecast: our country’s economy will grow by 2.9% by the end of this year. In 2025, growth should be 1.4%, in 2025 1.1% (for more details, see “Just the numbers”).

Let us insist once again: these figures do not come from our jingoistic economists, but from an international financial organization based in Washington, which cannot be suspected of wanting to embellish Russian reality.

How can the Russian economy grow so significantly?

“This growth is mainly due to the military-industrial complex,” says Mikhail Belyaev, candidate of economic sciences and financial analyst, on Komsomolskaya Pravda radio. – On the one hand, of course, it is good that we have such growth rates. After all, the military-industrial complex “transmits impulses” to other sectors of the economy: it creates jobs and increases wages. But, on the other hand, we must understand that the military-industrial complex is fed by the budget. And this does not affect the investment process, the activity of economic agents (private companies, foreign investors, etc. – Ed.), and the products of the military-industrial complex do not participate in the subsequent economic turnover. Therefore, we should still look at these figures with cautious optimism.

However, if the forecast is confirmed, our economy will continue to grow faster than the world. According to calculations by the World Bank, the planet’s GDP this year will increase by 2.6%, that is, it will be 0.3% behind that of Russia. And last year we outperformed the global economy too, by a full percentage point. Russian GDP in 2023 grew by 3.6% and world GDP by 2.6%.

ONLY NUMBERS

GDP growth and decline in different countries by year, %

GDP growth and decline in different countries by year

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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