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Global economy can’t develop without Russia — official

Vyacheslav Volodin said that foreign economists were revising their estimates of Russia's GDP for the current year

MOSCOW, August 17. /TASS/. The global economy cannot develop without Russia, and the sanctions were futile, hitting the EU and the US like a boomerang, Chairman of the Russian State Duma (the lower house of the Russian parliament) Vyacheslav Volodin said on Wednesday.

"Global economic development is impossible without Russia," he wrote on his Telegram channel. "The sanctions proved ineffective: instead of delivering the economic damage anticipated by Washington and Brussels, they hit the United States and the European Union like a boomerang," he added.

Volodin noted that foreign economists are revising their estimates of Russia's GDP for the current year. "In March, immediately following the first three packages of anti-Russian sanctions, experts estimated a 12.4% drop in our country's GDP. The forecast has shrunk to 4.7%, following the sixth wave of restrictions," he wrote. He added that the situation is reversed with respect to the United States and the EU states, "analysts are worsening their forecasts, recording a fall in GDP for two quarters in a row."

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