19.02.2024 Author: Mikhail Gamandiy-Egorov

The West no longer knows how to justify Russia’s economic successes

Russia's economic. Putin

Once again, let us raise the topic of economics, or even more precisely, geo-economics. Frankly speaking, Western so-called experts, and in this case, not only representatives of the political establishment, but also all sorts of economic “specialists” are completely confused about Moscow’s ability not only to withstand the unprecedented unilateral sanctions of the Western planetary minority, but even more so in the face of the successes shown by the Russian economy in the framework of not only and not even so much confrontation with Western elites, but especially in the framework of a multipolar reality on a global scale.

Yes, the Western minority is no longer even shocked by the Russian Federation’s realisations in the economy. Moreover, both within the framework of internal processes and in the case of very successful interaction on the international economic front with the global majority of mankind, where the country’s position is steadily growing. This, by the way, is reflected in the indicators of our country’s trade turnover with the global majority.

Let us recall, for example, the indicators of Russia’s trade and economic relations with the EU countries for 2021. That is, before the start of the Special Military Operation and the actions that will follow on the part of the Western regimes towards Russia – both in military confrontation and in economic, not to mention even other areas. At the time, Russia-EU trade turnover was at just over 265 billion dollars equivalent. Many people thought this was something “grandiose”, and Western propaganda actively used the thesis that Western countries were simply “irreplaceable” for Russia as trade and economic partners.

And what is the result? As a result, our country’s trade turnover with China and Turkey alone exceeded 300 billion dollars in 2023. And this is despite the fact that it is worth noting the following two factors. The lauded EU consists of 27 regimes. That is, it turns out that within the framework of Russia’s trade and economic relations with China and Turkey alone, the trade turnover with the association of almost 30 countries, which for many years declared that there was no substitute for them, was exceeded.

And the second factor is that in addition to the historically broken records in trade turnover with China and Turkey (more than 240 billion dollars in the first case and more than 60 billion in the second), our economic interaction with the non-Western majority of humanity – with the countries of Asia, Africa, Latin America, not forgetting our Eurasian space.

I.e. the shock and humiliation of the West is also in the fact that in its attempts to make our country a global “pariah”, it got the exact opposite result. Where de facto, the absolute majority of the world’s countries have shown a natural desire to strengthen co-operation with Russia and use the maximum available potential of these relations. This, by the way, by the way, is also to say that this very potential is still far from being fully realised. But the process is proceeding at a very positive pace.

But the absurdity of the situation for the Western minority is that before the current and upcoming processes on a global scale, the Western minority on the one hand is forced to recognise Russia’s economic successes, but on the other hand, in typical propaganda fashion, is trying its best to belittle them.

For example, a Western media tool like the Financial Times, in its recent article titled “The surprising resilience of the Russian economy”, notes that in 2023, Russian GDP showed the highest growth than all G7 countries. As does the fact that the International Monetary Fund (IMF) is forecasting the same trend for the current year 2024. A number of other Western instruments have also been forced to recognise these facts.

But in parallel with these unpleasant recognitions for the West, the propaganda of the NATO world minority is trying to use its pseudo-experts not only to downplay Russia’s economic achievements, but also to destroy its own teachings about the success of any economic system. GDP growth, they say, “is not always a sign of positive development”. The country’s record low unemployment rate is “not always a positive factor, either.” In short, forget about all previous teachings of serious economists, including Western ones, and just believe the self-appointed pseudo-specialists verbatim. It all looks not so much unconvincing as again and especially humiliating for the Western minority.

Especially when one remembers that these same characters predicted the imminent and complete “collapse” of Russia’s economy in all seriousness and in an extremely unsubstantiated manner. In fact, they arrogantly declared that our country would collapse. The Westerners failed. Moreover, given the problems that today, as never before, are observed in the world’s outspoken global minority, it is very likely that it is the representatives of this minority that will be on their knees. And no matter how the Western establishment continues to deny the multipolar world order, it has provided itself with a trap of global scale.


Mikhail GAMANDIY-EGOROV, entrepreneur, political commentator, expert on Africa and the Middle East, especially for online magazine “New Eastern Outlook

Related articles: