Belousov called the Russian economy “an island of stability”
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Against the backdrop of the crisis unfolding in the EU countries, the Russian economy, despite being under sanctions, has become an “island of stability.” This was announced to journalists at the APEC summit by First Deputy Prime Minister Andrei Belousov. The near recession in Europe, he said, was the result of a combination of three factors.
The first is the unpreparedness of producers for long-term investments. Back in 2021, commodity markets “set in motion”, in particular, metal prices doubled, Belousov recalled. “Then everyone was wondering if this was a temporary phenomenon,” Belousov said. Such a movement, according to him, creates uncertainty for manufacturers, “no one can now make long-term plans.” The second factor is the tightening of monetary policy, in particular, the increase in ECB rates in response to inflation, Belousov continued. The third is the high debt load of European economies.
“In this sense, Russia, no matter how strange it may seem in the face of sanctions, is now, perhaps, an island of stability,” said the First Deputy Prime Minister.
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