April 2025 — In a stunning display of economic resilience, Russia’s economy grew by 4.1% in 2024, surpassing government expectations and defying the weight of heavy US-led sanctions. Prime Minister Mikhail Mishustin announced that the country’s gross domestic product (GDP) reached a record 200 trillion rubles (approximately $2.06 trillion), strengthening Russia’s position within the BRICS bloc.
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Industrial Strength and Low Unemployment Drive Growth
Manufacturing and industrial production played a crucial role in Russia’s economic success, with the industrial sector growing 4.6% last year. At the same time, the country’s unemployment rate dropped to 2.3% by December — one of the lowest rates in Russia’s modern history.
President Vladimir Putin praised the economic results, calling them “good and satisfactory” and emphasizing the country’s ability to adapt under pressure. “We are strengthening our economy through new partnerships, especially within BRICS, and diversifying in ways that sanctions could not stop,” Putin stated.
Inflation and High Interest Rates Remain Key Challenges
Despite the impressive growth, the Russian economy faces significant hurdles. Inflation hit 9.5% in 2024, pushing the central bank to maintain its key interest rate at 21%, the highest level in more than 20 years. Economists warn that without addressing inflationary pressures, Russia’s economic momentum could slow in the future.
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Energy Revenues Surge Amid Global Realignments
Sanctions targeting Russia’s energy exports have had limited success. Instead, Moscow has expanded its oil and gas trade with nations outside the West, particularly in Asia and Africa. Reports show that Russian energy revenues doubled in April 2024 compared to the previous year, helping to finance both domestic programs and international initiatives.
BRICS Leaders Applaud Russia’s Resilience
The growth has been welcomed across the BRICS alliance, where leaders from Brazil, India, China, and South Africa praised Russia’s economic fortitude. Calls for deeper economic cooperation and alternative financial systems have grown louder, with BRICS countries seeing Russia’s success as proof that new global economic orders are emerging.
As Western sanctions struggle to contain Russia, 2024 may go down as a pivotal year that reshapes the balance of economic power between established and rising nations.
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