Russia is undergoing 'reverse industrialization' as limited resources force a retreat from high tech industries, Finland's central bank says

Sun, 04/02/2023 - 08:45

Russia currency sanctions economy — Russia's economy has been hit hard by sanctions, which are complicating the government's efforts to pay its debts.
ALEXANDER NEMENOV/Getty Images

Russia's economy is going though "reverse industrialization," Finland's central bank said.
The country is shifting away from investments in technology to support its war on Ukraine.
"Russia is stuck ineluctably on a path to lower potential growth and a bleak economic future."

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.