Russian Economy in 2022–2024: Results, Trends, Forecasts

Abstract

The article discusses the results of the socio-economic development of Russia in 2022 and highlights trends and forecasts of the dy namics of macroeconomic indicators for 2023–2024. At the same time, the main challenges and threats are analyzed, including production, trade, economic, financial, monetary, infrastructural, logistical and other restrictions that have become the main instruments of the West’s sanctions wars against Russia in the new geopolitical reality associated with Russia’s conducting a special military operation  (SMO).The main objects of analysis are the current state, trends, risks and threats to the Russian economy, the dynamics of industrial production, prices, inflation and foreign trade. It is noted that, despite the toughening of challenges, sanctions and threats in 2022, the macroeconomic results of 2022 turned out to be higher than official forecasts and experts' expectations. This made it possible to substantiate the main conclusion of the study that the Russian economy managed to prevent a collapse and find additional opportunities to better unlock the potential of economic growth and social progress in the current three-year period of 2023–2025 and in the long term. According to the authors, the need to further transform and improvethe efficiency of the Russian economy is predetermined not only by current but also, possibly, future challenges.