DebateChampionX
2 min readJun 17, 2024

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Thanks James, a cute response.

Sadly incorrect on many facts. Let's start with your thinking the Russian economy is in free fall:

GDP Growth Rate

2023 Estimate: 2.3%

2024 Forecast: 1.8%

Inflation Rate

2023 Estimate: 15.0%

2024 Forecast: 12.5%

Foreign Reserves

2023 Estimate: $580 billion

2024 Forecast: $550 billion

Exchange Rate (RUB/USD)

2023 Estimate: 85 RUB/USD

2024 Forecast: 90 RUB/USD

Oil Production

2023 Estimate: 10.5 million barrels per day (bpd)

2024 Forecast: 10.2 million bpd

While their economy is obviously being challenged. their resilience is proving to be formidable.

Sources: (IMF)​​ (World Bank)​​ (Carnegie Endowment)​​ (FocusEconomics)​​ (The Bell)​.

Sanctions are of course to expected but not to cut your nose off... There were many other options. Especially when much of Europe and the US still receives Oil and gas from Russia, albeit indirectly, and at inflated prices.

For example: Transhipment hubs have seen a significant boom in Russian supply which is then rebranded and sold to Europe and US at higher prices.
See also LNG imports and Grey Market Channels.

These are the facts. If you're at odds then feel free.

BRICs you think is irrelevant? Interesting. I'll wait a couple of years and we can discuss how this played out. It will be easier to explain then why underestimating it was a mistake.

In the meantime you may wish to follow the progress of the BRI, NDB, CIPS, SCO and RCEP to name but a few.

I'm certainly not interested in Russia winning but we've played into their hands. And no I didn't blame "Biden for Russia's invasion. Think again. Or try reading again.

Thanks for the comment James and take care.

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DebateChampionX
DebateChampionX

Written by DebateChampionX

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