/ world today news/The statements of Western politicians and economists that Russia is in an economic crisis due to the decrease in GDP is a simplistic approach to what is happening in the Russian economy, writes journalist Ladislav Kashuka in an article for the Czech Free Press.
Russia has sufficient resources of its own even to survive “total economic isolation.” The decrease in the export of raw materials and production in some areas does not mean a crisis in the Russian economy as a whole. Russia can afford a five-percent reduction in GDP, to which they pay so much attention in the West, the commentator believes.
“… In small or import-dependent countries, there would probably be a problem because the exports of what they produce decrease and so they are unable to buy what they need unless they want to do it like the US – accumulating debts! But in the case of the Russian Federation, this is only an illusion and a delusion for the people on the part of the Western leaders, who are trying to appease their voters, who because of the anti-Russian sanctions, are losing a lot of income,” the article says.
If Western economists want to discuss the economic crisis, they should first pay attention to the situation in the USA, whose external debt is about 150% of GDP (plus the debts of individual states), notes Ladislav Kashuka.
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