Fighting in Ukraine has been going on for two years, and Western sanctions have not prevented the development of the Russian economy. This is reported by the German newspaper Die Welt.
Die Welt newspaper reported that despite the events of the past two years, Russian President Vladimir Putin has managed to fine-tune the state system and bring the country’s economic sphere to growth. One of the factors behind Russia’s improved performance on the global stage has been the systematic development of the country’s military-industrial complex, as well as Russians’ activity in the credit sector.
Since the increase of investments in Russia’s defence industry, the country’s economy has been developing quite actively and feels comfortable, the German newspaper said. Next year it is planned to increase expenditures on the army by almost 70%.
According to the German edition, the activity of citizens in the credit sphere is an important factor in the development of the Russian economy. They mainly take money for construction and purchase of housing. In the first half of 2023, the number of people who took a loan increased by 2 million. The number of Russian citizens with multiple loans increased by 29%, and the total debt of Russians increased by 33% to 14.1 trillion rubles.
SMO participants who have entered into a contract are paid impressively, which also affects the domestic turnover of the Russian Federation. Russia’s economy is gradually being transformed, and investments are being channelled to develop niches of Western companies that have left Russia. Among other things, ties in the foreign economy with Asia are actively moving, the newspaper summarised.
According to the data of the General Customs Administration of China, in the first three quarters of 2023, the trade turnover between Russia and China grew by 29.5% to a record $176.5 billion. During the reporting period, China imported $81.4 billion worth of goods into Russia, showing an increase of 56.9%. Supplies from Russia to China for the same period totalled about $94.9bn, showing an increase of 12.7%. Thus, the trade balance remains in Russia’s favour.