An influential global body has forecast Russia’s economy will grow faster than all of the world’s advanced economies, including the US, this year.
The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany.
Oil exports have “held steady” and government spending has “remained high” contributing to growth, the IMF said.
Overall, it said the world economy had been “remarkably resilient”
“Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops,” the IMF said.
But how will Oil exports remain sustainable once most of the population uses EVs?
Will not happen anytime soon.
In 30+ years
You will still need to charge those EVs, electricity production is still dominated by production via burning of hydrocarbons, by-products of oil.
A lot of oil is used to produce energy or heat homes and to produce plastics. Moving towards renewables and better home insulation will have a much stronger and faster positive effect on reduced oil consumption than a move to EV’s would.