Mikhail Mishustin told how Russia managed to overcome sanctions

Prime Minister of the Russian Federation, Mikhail Mishustin, speaking with a report on the work of the government in the State Duma, said that the sanctions imposed against our country exceed the total volume of sanctions imposed against other countries in the world. They are no longer aimed only at Russia but also at representatives of foreign states and companies that have not given up cooperation with our country.

According to Mishustin, Russia went through a period of initial adaptation despite this pressure. The country's GDP growth in 2023 was 3.6%, investment grew by 9.8%, and the unemployment rate was only 3%. The Prime Minister said the countries that announced the sanctions suffered damage from them.

Bashkortostan shows solid industrial growth. According to Doctor of Economic Sciences Konstantin Grishin, sanctions helped ensure that adequate conditions were quickly created in the republic for the dynamic development of the real sector of the economy.

“All the positions in which we are seeing strong growth are manufacturing. The maximum figure was in the production of electrical equipment (+167%), machinery and equipment production increased by 136.2%, and petroleum products increased by 112.3%, similar dynamics in other groups. This indicates that the need for such products, primarily by industrial enterprises, is growing. Against sanctions pressure, companies are mastering import-substituting technologies and finding new markets – within the republic and the country. Bashkiria leads among Russian regions in the number of industrial clusters; we already have 9 of them, and new ones will appear in 2024, which will lead to a further increase in the need for products from the industrial sector and an increase in the industrial production index, accordingly,” noted Konstantin Grishin.

The economist also drew attention to the growth in the production of food, drinks, furniture, and other products, which, in his opinion, indicates the intensification of the population's consumer activity and an increase in effective demand due to the growth of citizens’ incomes.

Author: Roman Yakimchuk