ROME, January 19. /TASS/. Russia’s economy is not experiencing a recession as predicted, though it is necessary to gauge the potential long-term damage, a columnist for the Italian daily newspaper Corriere della Sera Federico Rampini wrote on Thursday.
He cited the figures announced by the Russian President that the country’s GDP fell by only 2.1%, while forecasts predicted a decrease of up to 20%. "There was a moment of unjustified triumph in certain Western circles, which was the result of underestimating Russia’s economic capabilities and overestimating the effect of the sanctions imposed," the expert said.
"The rise in energy prices on global markets in 2022 helped mitigate the economic crisis in Russia, which offset a decrease in the volume of Russian exports. In other words, Moscow sold less gas at higher prices. Moreover, sanctions in the energy sector, including the embargo on Russian oil and the introduction of a price cap on gas, were imposed too late, and still have only a limited effect now," he explained.
"Independent observers believe that the Russian economy, though weakened, does not demonstrate any signs of a dramatic decline or chaos as was the case in the 1990s," Rampini added.
For comparison, the expert noted that the Ukrainian economy plunged by 33%.