Abstract. In 2023, global economy was strongly affected by geopolitical factors related to the continuing conflict in Ukraine, escalation of economic sanctions, increasing tensions in US-China relations, and Gaza strip crisis. With all these developments, global GDP growth was 0.3 percentage points lower than in 2022, the main loser being the Eurozone where growth rate dropped from 3.4 to 0.4 per cent. In contrast, growth performance of developing economies was 0.2 percentage points better than in 2022. Economic sanctions notwithstanding, Russian economy grew faster than the global economy for the first time since 2012. To sustain strong growth dynamics in 2024, Russian economic regulators should supplement measures fostering macroeconomic stability and domestic demand with supply side incentives addressing principal resource and technological bottlenecks associated with sanction pressure.