Germany Russia Sweden Ukraine economy Manufacturing Target Germany Russia Sweden Ukraine

Sanctions over Ukraine are starting to ‘shrink’ Russia’s economy. Here’s how

Reading now: 758
globalnews.ca

Ukraine, Western sanctions are starting to have an impact on Russia’s economy, experts say.“Their economy is really starting to shrink,” Mark Manger, associate professor at the University of Toronto’s Munk School of Global Affairs and Public Policy, told Global News.Russia’s gross domestic product is estimated to shrink by 15 per cent by the end of the year, according to the International Institute of Finance.If levels drop to this level, Russia will see its greatest recession since 1992, according to data from The World Bank.

This would also be twice as severe as the 2009 recession.Here’s a look at how Western sanctions are affecting Russia’s economy.

Russians bury relatives killed in Ukraine as Kremlin admits major losses In March, Russia’s manufacturing sector saw the largest decline since the beginning of the COVID-19 outbreak in 2020, according to S&P Global.“Driving the downturn were the notably sharper decreases in production and new orders amid muted foreign and domestic client demands,” the company said in a report on April 1.Employment in the manufacturing sector is “falling at the joint-fastest pace in almost two years” due to firms cutting jobs, according to the report.Thousands of autoworkers in the small Russian city of Kaluga have been furloughed as Western sanctions hit its flagship foreign carmakers.Sanctions have exacerbated lingering component shortages and halted production at two flagship car plants: Germany’s Volkswagen and Sweden’s Volvo.

Both makers have suspended operations due to the war, affecting 4,200 and 600 workers respectively.Ford also announced it would suspend its Russian joint venture at the beginning of March.According to Munk’s Manger, Russia has also begun “cannibalizing” its.

Read more on globalnews.ca
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

‘Rolling Thunder’ protesters rally in front of parliament as police stage operation - globalnews.ca - Canada - city Ottawa
globalnews.ca
77%
445
‘Rolling Thunder’ protesters rally in front of parliament as police stage operation
Freedom Convoy” protesters returned to Canada‘s capital by the hundreds on Saturday to revel on Parliament Hill and denounce COVID-19 mandates as police staged a massive operation to keep the peace and make sure demonstrators actually return home.Protesters embraced each other, many having not seen one another since police cleared the convoy encampments that ground Ottawa to a standstill for three weeks in February.Enforcement action since 7 AM Friday in regard to the demonstrations in #OttCity:▶️560 parking tickets▶️39 vehicles towed▶️8 tickets for noise, smoking, encumbering highwayOfficers will continue taking a zero tolerance approach to violations of our municipal by-laws. pic.twitter.com/SIlJuEUI3B— Ottawa By-law (@OttawaBylaw) April 30, 2022Crowds of people danced on the street in front of parliament shouting “freedom!” while others stretched out on the lawn in front of Centre Block.Freedom Fighters Canada spokesperson Bethan Nodwell, who helped organize the “Rolling Thunder” rally on Parliament Hill Saturday, said no other activities were planned aside from a Sunday church service.But Centretown Community Association President Mary Huang said residents in the area are still waiting to see if the protests wind down as anticipated and don’t drag on as they did before.“Especially some seniors in Centretown, they were basically held hostage in their homes for two, three and a half weeks.
Kim Woodburn 'refuses to die' as she shares health update after throat surgery - dailystar.co.uk
dailystar.co.uk
43%
852
Kim Woodburn 'refuses to die' as she shares health update after throat surgery
Celebrity Big Brother star has revealed that she was being treated for a "bad disk" in her neck.Speaking on GB News, Kim said: "I had a very bad disc in the back of my neck and it was affecting my hands, so I haven't been able to use them."So, I went to the hospital on Wednesday, and the doctor cut my throat with a big gash in my neck, he took out the disc in this hole in my neck and put a titanium disc in."She went on to add: "They sent me home and I'm as fit as a fiddle, I've got about four or five weeks to rest but I've got this big cut-throat."Mind you, it's not stopped me talking!"The queen of clean has since taken to her Instagram account, sharing a video with her followers as she "refuses to die".Speaking to her 75,800 followers, she said: "The specialist had to go in, he cut a big hole in my throat here."He somehow went in with his fingers and took out the rotten disc and put a titanium disc in."I'm getting use back in my fingers because it was killing all the use in my fingers, that was the reason he did it."Kim who appeared on I'm A Celebrity... Get Me Out Of Here! continued: "If I went to my legs, I wouldn't be able to walk."I think it's quite good you know, so thanks for all the messages but I'm not dying my lovely, I refuse to die, dear."Messages from all over the world have been coming in, thanks my loves, I don't half appreciate you, excuse me while I have a gin.
DMCA