Template-Type: ReDIF-Paper 1.0
Author-Name: Nadezhda Volovik
Author-Name-First: Nadezhda
Author-Name-Last: Volovik
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: Russia's foreign trade in 2023
Abstract: Despite tighter monetary policy, escalating geopolitical conflicts and increased economic uncertainty, the global economy in 2023 was more resilient than expected. Economic growth exceeded expectations in several major developed and developing economies, and a sustained labor market recovery supported consumer spending. At the same time, global inflation has fallen significantly as energy and food prices have fallen, allowing central banks to slow or pause interest rate hikes. However, this semblance of resilience masks both short-term risks and structural vulnerabilities. Underlying price pressures remain elevated in many countries. Further escalation of conflicts in the Middle East poses a risk of disruption to energy markets and renewed inflationary pressures globally.
Classification-JEL: F10, F13, F19
Keywords: Russian economy, foreign trade, terms of trade, regional pattern
Creation-Date: 2024
Revision-Date: 2024
Length: 19 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2024-1326.pdf
File-Format: application/pdf
File-Function: Revised Version, 2024
Handle: RePEc:gai:ppaper:ppaper-2024-1326