Peskov spoke about the threat of an economic collapse due to sanctions

An unprecedented burden of sanctions fell on the Russian economy in 2022, and there was a threat of its collapse. However, it was possible to overcome it thanks to the mobilization of all resources and the actions of the country’s leadership, Peskov noted.

In RUSSIA, there was a threat of economic collapse due to the unprecedented burden of sanctions, but thanks to the mobilization of resources and decisions of the country’s leadership, the economic situation was stabilized, said the press secretary of the Russian president, Dmitry Peskov, in an interview with journalist Pavel Zarubin. The reporter showed a fragment of the interview on his TELEGRAM channel.

“There was a threat of collapse. And indeed, we had to mobilize all resources and internal forces in order to prevent this collapse,” said the presidential press secretary. “At first, the simple task was to prevent a collapse, because, indeed, an absolutely unprecedented burden of these sanctions fell on the economy. And no country in the world has ever faced, and, theoretically, no country in the world is able to withstand such a blow,” he said.

In 2022, according to Rosstat, the country's real GDP fell by 2.1%. In September 2023, Russian President Vladimir Putin said that economic recovery after sanctions was complete, and the country was able to withstand the “onslaught of sanctions.” GDP, according to him, by that time had reached the pre-sanction level of 2021.

Prime Minister Mikhail Mishustin also said at the end of October that the Russian economy has gone through a period of “adaptation to external challenges,” predicting GDP growth for the year. The HEAD of the Ministry of Economic Development, Maxim Reshetnikov, expects growth at 2.8%. Putin, in turn, admitted that GDP growth could be more than 3%.

International organizations have also improved their GDP forecasts for Russia. Thus, in November, the European Commission adjusted its forecast: now the EC expects Russian economic growth to be 2% by the end of 2023 instead of a decline of 0.9%. Analysts at the International Monetary Fund ( IMF ) believe that Russia's GDP should grow by 2.2% in 2023.

Among the drivers of Russian GDP growth, the Ministry of Economic Development named industries aimed at developing the supply economy: the manufacturing sector, construction and agriculture . “The economy is supported by the growth of consumer activity, which is ensured by the flexibility of the domestic labor market and the growth of real cash incomes of the population,” noted deputy head of the department Polina Kryuchkova.

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