Someone ought to tell Russian authorities then
Their central bank is expecting an 8-10% contraction this year
https://financialpost.com/news/econ... Bank of Russia said,decline of 10.3 per cent.
This is even optimistic prognosis...might be worse.
Yeah, they are commodities exporter and that's all they irl does have.
At least 50000 already had lost jobs.
Most painful stuff for Russia is highly skilled specialists emmigration....30 years in row.
Now looks that since this war started....from Russia had relocated >160000 ppl.
Actually this for long term development perspective and even GDP is worse than if 400 000 average joes from villages had relocated from russia.
Because ppl able to relocate aren't very poor of course.
They had spent in russia on monthly basis money, attracted foreign currency inflow in Russia.
Business ppl, well paid specialists, normally supported foreign students, then ofc STEM field ppl.
If they were able normally earn in Russia to buy these I Phones, Mackbooks, save money to buy expensive tickets, rent rooms for a living when relocated....sure they will be able normally earn after relocated.
Also these specialists for sure are good, otherwise companies didn't accepted them...
It is very painful for Russia in long term.
Reasons to relocate were : fear, restrictions and prohibitions and ofc for some % = cos they don't have clients if are now living in Russia.....