Opinion: Why Russia’s economy is doing so well – even if the good times won’t likely last
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Russia's economy has been resilient despite Western sanctions and the war in Ukraine. The Russian economy suffered a shallower contraction than expected in 2022 and its economic growth rate now rivals that of the U.S. Its defense industry has expanded significantly, producing three million artillery shells a year. Russia has put itself on a war footing, with over 7 percent of its economy committed to defense. It has found ways around sanctions by importing non-prohibited items and maintaining shipping through shell companies. Russia has also found new markets for its exports, such as India and China. However, the discounts it's being forced to absorb mean that its revenues are less than they would otherwise be. Russia's manufacturing and high-tech sectors are struggling, and if the war in Ukraine drags on, Russia's long-term prospects look grim.