Russia is experiencing “backward industrialization”. Putin is pushing the country backwards

Russia is undergoing “backward industrialization” as Western sanctions and continued war with Ukraine affect long-term prospects for economic growth, Finland’s central bank says.

In 2022, Russia experienced a “financial and trade shock and uncertainty shock” from the situation, but GDP turned out to be more resilient than expected.down just 2.1 percent, wrote Laura Solanko, a senior adviser to the Bank of Finland, in a recent blog post.

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