Trade, finance and construction drove Russia’s GDP up and propelled it into the top category, in spite of Western sanctions

Russia has advanced from “upper middle” to “high” category on the strength of its economic growth.

This economic growth happened even after the US and its allies levied thousands of sanctions against Russia over the Ukraine conflict, openly stating that their goal was to destroy the Russian economy and provoke regime change in Moscow.

    • Addfwyn@lemmygrad.ml
      0·
      4 months ago

      One could argue they have…for Russia at least. They’ve been a great impetus at pioneering industries independent of the dollar. A lot need time to reach maturity still, but that may never have happened if the dollar wasn’t being weaponized.

      • SadArtemis🏳️‍⚧️@lemmygrad.ml
        0·
        4 months ago

        At this point, the sanctions are doing phenomenal. For Russia, for China, and for BRICS that is… there’s usually a bit of short-term pain, but in turn the rewards are a thousandfold.

        I hope the west tries sanctioning some more (to those who can take it and then some at least, against China and Russia… maybe even India or Turkey as Russian oil-transit countries? 😂 Might hurt me some as well as someone living in an imperial core myself, but the results- the destruction of the imperial economic order, rapidly before our eyes- is just too beautiful, too inspiring all the same.

        Reminds me, recently I was watching Scott Ritter talking on the effects of sanctions on Russia. They had been struggling with the destabilizing, corrupting influence of the oligarchs for so long, for instance. The west dealt with that, basically neutered the oligarchs with their targeted sanctions. 😂 They had been struggling to get domestic investments, with wealth flowing from Russia into the west- the west dealt with that too- suddenly Russia has plenty of capital, developments are being built left and right (and not just in the MIC). 😂 NATO basically helped Putin cleanse out the rot the west had encouraged to fester during the years of shock therapy, and as they’re the ones who did it (while showing the entire world their financial systems are not to be trusted) it didn’t take much if any political capital for Russia to get things back into shape afterwards.

  • Addfwyn@lemmygrad.ml
    0·
    4 months ago

    Dang, the Russian disinformation has corrupted the World Bank now too! They must be using their mind-scramble lasers.

  • CyberMonkey404@lemmy.ml
    0·
    4 months ago

    So what does this actually entail? I looked at the world bank site, and it lists both USA and Australia as “high income countries”. I’m sure a trip through any “food desert” will show how meaningless this label is

    • CCCP Enjoyer@lemmygrad.mlOPEnglish
      0·
      4 months ago

      Yeah, I agree it doesn’t change much materially. My take is being that this is a line goes up metric for western countries, it does show a widening fracture between the US policy narrative (esp. sanctions) and the emergent multipolar reality.