After two years of war, Russian economy proves resilient – but for how long?
Despite several rounds of sanctions levied by Western powers over the war in Ukraine, the Russian economy registered strong growth in 2023 after a recession the previous year. Fuelled by increased public spending – particularly military spending – other industrial sectors also benefited from the war in Ukraine, with the country's economic resurgence aided by continued revenue from oil and gas exports.
Despite several rounds of sanctions levied by Western powers over the war in Ukraine, the Russian economy registered strong growth in 2023 after a recession the previous year. Fuelled by increased public spending – particularly military spending – other industrial sectors also benefited from the war in Ukraine, with the country's economic resurgence aided by continued revenue from oil and gas exports.
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