03:05 GMT04 June 2020
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    Western economists claiming that Russian economy is in crisis due to its GDP shrinking have no idea what they are talking about, Czech Free Press argues.

    Let's take a look at what the media outlet considers the worst-case scenario: Obama's "unrealistic dream" came true and Russia was economically isolated from the rest of the world. Even then "the country would have survived," Czech Free Press noted, citing the pre-WWII period as an example.

    Russia has plenty of resources, including fertile soils, rivers, oil, coal, precious metals and above all "a people that does not surrender or disintegrate when attacked but unites, becomes stronger and builds up its strength to tackle major challenges caused by others on its own," the media outlet noted.

    In Russia's case, a contracting GDP does not necessarily mean crisis.

    What is truly happening, according to the news website, is the following: Russia is exporting and producing less due to "senseless" anti-Russian sanctions the West introduced following the outbreak of the Ukrainian civil war and low oil prices.

    This situation could have been tough for smaller countries which generate revenue primarily through export and don't want to import what they need by borrowing money. This is not Moscow's case.

    "Russia's economy is undergoing a process of complete reorganization which involves a pivot to Asia in term of its external trade and new priorities in domestic production," Czech Free Press observed. It follows then that the country could let its GDP temporarily shrink.

    The media outlet suggested that those who think that Russia's economy is in trouble should take a closer look at the United States' debt standing at 150 percent of GDP.


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