Is Russia's economic resilience realigning the global economic order | In Focus podcast
b'Western sanctions had initially threatened to derail the Russian economy ever since the country invaded Ukraine. However, Russia has shown a resilience that has surprised observers, and which has the potential to realign the global economic order. In a recent article for Business Line, Biswajit Dhar, Professor of Economics at the JNU, points out how observers\\u2019 projections for Russia\\u2019s GDP contraction and the rouble\\u2019s sharp fall have had to be revised as the year progressed.\\nHe points out that in its April forecast, the IMF had predicted Russia\\u2019s economy would contract by 8.5% in 2022, an improvement over what was anticipated when the sanctions were imposed. The update in July indicated that the economy would shrink by a lower 6%.\\nThe market has been more optimistic; JP Morgan predicted in July that the country\\u2019s GDP would contract only 3.5%. The rouble too, after falling from 76 to 120 versus the dollar, has now stabilised at 60.\\nWhat has driven this recovery?'