Russia is undergoing 'reverse industrialization' as limited resources force a retreat from high tech industries, Finland's central bank says
Russia is experiencing"reverse industrialization" as Western sanctions and its continued war on Ukraine weigh on long-term economic growth prospects, Finland's central bank said.
As a result, the Russian economy has been experiencing a structural transformation to become more self-sufficient and state-controlled, according to the blog post. The Kremlin has had to find import substitutions and stray from partners that the government deems as"unfriendly countries," which represent more than 50% of the global economy.
The country's investments will continue to move away from the technological frontier, she said, referring to the economy's current state as the"reverse industrialization."
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