Economist Podcasts Nyet effects: Russia’s resilient economy
Jun 13, 2022
In this discussion, Callum Williams, The Economist's senior economics correspondent, reveals how the Russian economy is defying expectations under sanctions, buoyed by strong oil and gas revenues. He highlights the psychological effects on the middle class and contrasts Russia's resilience with Western economies. The conversation also touches on Miami's emergence as a major commerce hub for Latin America, reflecting on migration patterns and the local cultural vibrancy. Additionally, the segment introduces innovative eco crossings aimed at protecting wildlife.
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Russia's Economic Resilience
- The Russian economy is proving more resilient than expected, despite sanctions.
- Oil and gas exports are keeping the economy afloat and allowing Russia to continue funding the war.
Russian Societal Resilience
- While consumer confidence isn't high, it is higher than expected given the circumstances.
- Russians have a societal resilience that may not be present in other countries.
Russia's Long-Term Outlook
- Russia's long-term economic outlook remains grim due to factors like emigration of skilled workers and lack of investment.
- The country's dependence on energy and self-sufficiency provide short-term stability but not long-term growth.