World Bank economists wrote that “Russia has excellently contain the additional spikes in poverty caus by COVID-19. This success is largely due to compensatory social payments: an increase in unemployment benefits, payments for children and support for single-parent families. The economic recovery is now gaining momentum. If the announc policy is implement effectively, then we prict that the poverty rate in Russia will decrease to 11.4% by the end of the year from the pre-pandemic 12.3%.” Why the experts were wrong The main reason for the incorrect assessments of international experts was the market nature of the Russian economy and the adaptability of Russian business.
In conditions of price flexibility and presence
Natalya Akindinova director of the Development Center Cameroon Phone Number List Institute and a member of the Academic Council of the National Research University Higher School of Economics, told RBC Trends about this. The expert also drew attention to a that help mitigate the impact of the sanctions and prevent the economy from collapsing. Of previously accumulat stocks of import products, enterprises were able to quite quickly develop new economic ties within the country and in the external market to replace those lost as a result of sanctions that limit import supplies and financial transactions, as well as the withdrawal of foreign business.
The shortfall in oil and gas supplies
On the part of the state, this was facilitat by some easing USA CFO of regulation – in particular, the permission of parallel imports, ”said Akindinova. “No one expect that parallel imports would be so successful,” Stanislav Murashov, macroeconomic analyst at Raiffeisenbank, support this argument. “And no one expect that Russia would be able to rire to other countries so quickly. Many people were conservative in their assessment of this moment.” In the first six months of 2022, sales of Russian oil to India jump by 900%, a result that analysts did not count on.