The Russian economy achieved an immediate recovery in 2021 despite the pandemic and emerging geopolitical tensions, with GDP expanding by 4. 7 percent, according to a report released on Tuesday.
The Annual Russia Development Report (2022), published by the Chinese Academy of Social Sciences, or CASS, states that last year, Russia went through a complicated era as confrontation with Western countries worsened and economic progress was interrupted by COVID-19.
However, Moscow has largely maintained stability in the economic, political, social and other fields, as the government moves forward on social adjustment and stimulus measures, according to the report.
Xu Poling, head of the Department of Russian Economics at CASS’s Institute of Russian, Eastern European and Central Asian Studies, said the Russian economy has had an unforeseen recovery in a wide diversity of industries, with the fastest expansion noticed in the sector.
In addition, Xu highlighted the expansion of the electric power industry and the oil and fuel industry. Citing the report, Xu said the production industry has also grown to a certain level, driving demand in the banking and insurance sectors.
However, the CASS report issued a cautionary note on the country’s inflation rate, which reached 8. 4% at the end of 2021. The top rate would have been triggered by the sudden release of pent-up strong demand and global commodity costs amid source and call for uncertainties, he said.
The document notes that the industry between Russia and China has increased. Last year, the bilateral industry reached $146. 8 billion, a record for the fourth year in a row.
According to the knowledge of the General Administration of Customs of China, China’s exports to Russia in 2021 reached 67. 6 billion dollars, 33. 8 more than last year. Russia’s imports exceeded $79. 3 billion, up 37. 5 million from 2020.
The two countries are committed to economic and industrial cooperation, the report says, adding that the China-Russia industry will continue to grow steadily.
Russia has made efforts in combating the COVID-19 pandemic, with cooperation on vaccines conducted with countries in the Asia-Pacific region, according to the report.