Russia s GDP change

However, some time will pass before the Russian economy – the world’s ninth largest – collapses, and there are signs that the country has weathered the sanctions better than many expected at the outset of the war. While inflation is high and exports have slumped, the economy is shrinking, but not by more than during the major economic crisis of 2008, according to most estimates. (see Figure 3). The difference between then and now is that during the earlier crises (such as the invasion of Crimea and the pandemic), Russia’s economy recovered rather swiftly, while its current outlook is rather gloomy. The verdict is still out as to what happens next: a prolonged, painful recession or some sort of recovery, as predicted by the International Monetary Fund.