Overchuk described sanctions against Russia with a saying about a man and thunder
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“In Russia there is a saying that until the thunder strikes, a man will not cross himself. Americans have another – whatever doesn’t kill you, makes you stronger [что вас не убивает, делает вас сильнее]. This folk wisdom works in both cases,” said Deputy Prime Minister Alexei Overchuk, describing the effect of sanctions.
In his opinion, the restrictions have led to the fact that the import substitution processes in Russia have finally accelerated. In particular, the production of Sukhoi Superjet-100 aircraft, made entirely from Russian parts, began, and domestic engines were installed on the MC-21. In addition, the new wide-body long-range IL 96-400 took off recently. “Not very good news for Airbus,” said Overchuk, speaking at the XVI Verona Eurasian Economic Forum in Samarkand.
Over nine months, GDP grew by 2.8%, the Deputy Prime Minister recalled. Moreover, in August and September there was an acceleration of growth to 5.2%, he noted. The quality of this growth is important: the production of computers and electronics this year increased by 4.5%, electrical equipment by 22.2%, and furniture by 21.7%, Overchuk said. That is, the economy is not growing due to increased production of energy resources, he emphasized.
The forced turn to the East and South is actually a “happy coincidence,” Overchuk believes. It is to these countries that the economic center of the world is moving today, he noted. “This is the part of the world that is growing today – both economically and demographically. And this is the future,” said Overchuk.
At the end of 2022, the GDP of the largest Asian countries – China, India, Indonesia and Pakistan – grew by 3%, 7.3%, 11% and 6%, respectively. The EU economy grew by 3.5% last year. Now, indeed, the eurozone is experiencing a slowdown in GDP. The economy contracted by 0.1% in July-September this year compared to the second quarter, according to preliminary data from Eurostat. Negative quarterly dynamics may continue in the fourth quarter, experts predicted.
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