"The worst is over," says Russia's economic elite (www.intellinews.com)

submitted 1 year ago by zephyreks@lemmy.ml to c/worldnews@lemmy.ml

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[-] MummifiedClient5000@feddit.dk 11 points 1 year ago

Sure, keep telling yourselves that waging war suddenly became free.

[-] homesweethomeMrL@lemmy.world 8 points 1 year ago

lol

[-] morry040@kbin.social 1 points 1 year ago

It's a poorly designed chart, likely published this way so that it confuses the average reader and hides how bad the numbers actually are.
If you add up the year-on-year budget performance, the Jan-Aug 2023 budget performance is about 2.6 trillion rubles WORSE than last year.

The reporting tries to cover up these bad numbers by focusing on the surplus in June 2023 - the highest result since March 2021. However, the June result would not offset the deficit experienced in April 2023, let alone the Jan and Feb deficits.

There's even a hilarious typo in the news story where the author has stated "800 trillion" instead of the actual "800 billion" result, plus they mixed up the months - the 800B was in June, not August. They really should run these numbers past an analyst before printing the story, but I expect disinformation is the real goal.

[-] TheBlue22@lemmy.blahaj.zone 1 points 1 year ago

Just wait till the attacks in ruzzia increase :) we have only begun to see the fireworks.

[+] zephyreks@lemmy.ml -18 points 1 year ago

Is war good for the Russian economy? Seems like Russia's economy is running at its hottest pace in years.

[-] JohnDClay@sh.itjust.works 19 points 1 year ago

Stuff being blown up still counts towards production, but it doesn't actually add any value. Changing tanks in storage to tanks blown up on the battle field isn't actually good for the economy, it just looks like it for some metrics.

[+] queermunist@lemmy.ml -8 points 1 year ago

Dedollarization is good for their economy. They're actually increasing exports in some sectors of their economy despite the SWIFT lockout.

[-] JohnDClay@sh.itjust.works 5 points 1 year ago

I'll sure they're increasing their exports of skilled labor at least!

[-] taanegl@beehaw.org 1 points 1 year ago

It's also very good for Xi Jinpeng. The central kingdom shall rise again.

[-] queermunist@lemmy.ml -3 points 1 year ago

That's kinda orientalist.

Dedollarization is good for China, but they're hardly some kind of mystical asiatic kingdom.

[-] taanegl@beehaw.org 1 points 1 year ago

I was being facetious.

Besides, BRICS is probably going to default to Yuans. Like would you pay in Brazilian pesos, Russian Rubles or Indian whatever the heck that currency/economy is?

I don't believe they'll conclude that dealing with 5 or more currencies at the same time as being effective, especially when said currencies come from dumpsterfire economies.

I can also tell you that they will not be going for the EURO, and with all the debt to China... where does that lead them?

Trade cannot stop. That was the point of SWIFT and that is the point of BRICS.

But now I'm being presumptuous, which one is want to do on the internet.

[-] queermunist@lemmy.ml -3 points 1 year ago

Hypothetically it might make sense to pay pesos for Brazilian seed oil and rubles for Russian fossil fuel, as this would ensure no trade deficits exist between countries, but China is so much more productive than the rest of them that it might just default to Yuan. I'm still optimistic about the possibility of trade in national currencies, though.

this post was submitted on 02 Oct 2023

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