Alwaght | News & Analysis Website

Editor's Choice

News

Most Viewed

Day Week Month

In Focus

Ansarullah

Ansarullah

A Zaidi Shiite movement operating in Yemen. It seeks to establish a democratic government in Yemen.
Shiite

Shiite

represents the second largest denomination of Islam. Shiites believe Ali (peace be upon him) to be prophet"s successor in the Caliphate.
Resistance

Resistance

Axis of Resistances refers to countries and movements with common political goal, i.e., resisting against Zionist regime, America and other western powers. Iran, Syria, Hezbollah in Lebanon, and Hamas in Palestine are considered as the Axis of Resistance.
Persian Gulf Cooperation Council

Persian Gulf Cooperation Council

A regional political u n i o n consisting of Arab states of the Persian Gulf, except for Iraq.
Taliban

Taliban

Taliban is a Sunni fundamentalist movement in Afghanistan. It was founded by Mohammed Omar in 1994.
  Wahhabism & Extremism

Wahhabism & Extremism

Wahhabism is an extremist pseudo-Sunni movement, which labels non-Wahhabi Muslims as apostates thus paving the way for their bloodshed.
Kurds

Kurds

Kurds are an ethnic group in the Middle East, mostly inhabiting a region, which spans adjacent parts of Iran, Iraq, Syria, and Turkey. They are an Iranian people and speak the Kurdish languages, which form a subgroup of the Northwestern Iranian branch of Iranian languages.
NATO

NATO

The North Atlantic Treaty Organization is an intergovernmental military alliance based on the North Atlantic Treaty which was signed on 4 April 1949.
Islamic Awakening

Islamic Awakening

Refers to a revival of the Islam throughout the world, that began in 1979 by Iranian Revolution that established an Islamic republic.
Al-Qaeda

Al-Qaeda

A militant Sunni organization founded by Osama bin Laden at some point between 1988 and 1989
New node

New node

Map of  Latest Battlefield Developments in Syria and Iraq on
alwaght.net
News

Russia Doing Better than Expected despite Sanctions: IMF

Wednesday 27 July 2022
Russia Doing Better than Expected despite Sanctions: IMF

Alwaght- The International Monetary Fund in a new report said Russia’s economy is doing better than expected despite Western sanctions imposed on Moscow over the war in Ukraine.

The sanctions were imposed to sever Russia from the global financial system and choke off funds available to Moscow to finance the war.

However, the Russian economy appears to be weathering the storm of the sanctions as the country’s GDP estimate was upgraded for this year by a remarkable 2.5 percent, according to the IMF’s latest World Economic Outlook released on Tuesday.

The main reason why Russia’s economic downturn is not as bad as expected is that "the Russian central bank and the Russian policymakers have been able to stave off a banking panic or financial meltdown when the sanctions were first imposed," IMF chief economist Pierre-Olivier Gourinchas told AFP in an interview.

Another reason is that rising energy prices are "providing an enormous amount of revenues to the Russian economy," Gourinchas added.

According to the agency's report, "Russia's economy is estimated to have contracted during the second quarter by less than previously projected, with crude oil and non-energy exports holding up better than expected."

The IMF says Europe is bearing the brunt of the fallout from sanctions given its reliance on Russia for energy. The situation could worsen dramatically if Moscow cuts off gas exports to Europe.

This comes as the IMF also said on Tuesday that the US has only a slim chance of avoiding an economic downturn given the many risks it faces.

"It's a very narrow path," Gourinchas said. "The current environment suggest that the likelihood that the US economy can avoid a recession is actually quite narrow,” AFP reported.

He warned that even a "small shock" could tip the US economy into recession.

 

Tags :

Russia Economy Sanctions IMF

Comments
Name :
Email :
* Text :
Send

Gallery

Photo

Film

Farmers in Poland are on the streets again to protest EU agricultural policies

Farmers in Poland are on the streets again to protest EU agricultural policies