Russia’s economy has shrunk less than expected

The Russian economy has fallen below expectations.

According to published analyses, the Russian economy has fallen below expectations in the past year, despite the country’s attack on Ukraine.

Based on information released by the Russian Statistical Agency, the country’s economy shrank by 21% last year, but it was previously predicted to decline by nearly 12%.

Although some have expressed doubts about the credibility of the data announced by the Russian Statistical Agency, many analysts have been surprised by the resilience of the Russian economy.

Following Russia’s attack on Ukrainian soil last month, hundreds of Western companies pulled out of Russia, temporarily shutting down the Russian stock market and causing the ruble to plummet.

The International Trade Institute had predicted that the Russian economy would shrink by 15% by March 2022 as a result of these developments. President Biden had also stated that the economic consequences of war and Western economic sanctions against Russia would halve the country’s economy from its current level.