Russian resilience shown in GDP pace

Photo taken on March 10, 2022 shows the Kremlin in Moscow, Russia. (PHOTO / XINHUA)

Russia's economy achieved a rapid recovery in 2021 despite the pandemic and rising geopolitical tensions, with a GDP growth of 4.7 percent, according to a report issued on Tuesday.

The Annual Report on Development of Russia (2022), released by the Chinese Academy of Social Sciences, or CASS, said that last year Russia endured a tough time as the confrontation with Western countries was aggravated and economic development was disrupted by COVID-19.

However, Moscow has largely maintained stability in economic, political, social and other fields, as the government pushes forward with social adjustment and recovery measures, the report said.

Xu Poling, head of the Department of Russian Economy of the Institute of Russian, Eastern European and Central Asian Studies at CASS, said Russia's economy had achieved an unexpected recovery across a broad range of industries, with the fastest growth seen in the services sector.

In addition, Xu highlighted the growth in the electric power industry and in the oil and gas industry. Citing the report, Xu said the manufacturing industry also grew at some level, driving demand in the banking and insurance sectors.

However, the CASS report sounded a note of caution on the country's inflation rate, reaching 8.4 percent at the end of 2021. The high rate was believed to be triggered by the sudden release of strong pent-up demand and rising global prices for commodities amid supply and demand uncertainties, it said.

The document noted that trade between Russia and China has surged. Bilateral trade last year reached $146.8 billion, a record high for the fourth consecutive year.

According to data from China's General Administration of Customs, China's exports to Russia in 2021 reached $67.6 billion, jumping 33.8 percent from the previous year. Imports from Russia topped $79.3 billion, up 37.5 percent from 2020.

The two countries have been committed to promoting economic and trade cooperation, said the report, estimating that Sino-Russian trade will continue to grow steadily.

Russia has made great efforts in combating the COVID-19 pandemic, with cooperation on vaccines carried out with countries in the Asia-Pacific region, according to the report.