More than likely it will be weaker than a Soviet state. Fascist Russia will remain connected to the world market and assuming the depression still happens on time, it will be hit as well unlike otl. Otl since the Soviet Union was isolated from most of the world trade the depression didn't do much damage and in fact the Soviets hired western firms to help their industrialization effort during that time. A fascist Russia might not have as much opportunity and will likely take longer to develop its heavy industry remaining more agrarian for a longer time.
Firstly, the depression wouldn't have happened in the same way if Russia had been connected to the world market because Russia would have been selling grains, minerals (including quite a lot of gold) and furs and buying (and selling) manufactured products on the world market. OTL everyone else paid the price of the USSR cutting itself off from the world market. Yes, there would have been a market saturation and downturn eventually but it wouldn't have been the Great Depression of OTL (probably wouldn't have hit until around 1933 or 34 for starters with a larger world market -by which time some new or improved products would be starting a fresh economic upturn). And, if Russia was a Fascist power by 1922, Britain and France would not have reduced their defence spending as much in the 1920s and raised it more in the early 1930s. So busier shipyards and fewer unemployed. No Jarrow Hunger March. And Russian debt probably not repudiated though quite probably renegotiated (so Britain and France have more fiscal breathing space). Earlier German and Hungarian rearmament likely tolerated by the Western powers plus much more German trade with Russia. And autobahns would have gone ahead without the Nazis (they took credit for decisions already taken) And Winston Churchill might not have been able to put Britain back on the Gold Standard in the 1920s (which made the British situation much worse). So probably the world economy TTL not a close analogue to OTL.
Secondly, someone once said that "the USSR is a geological scandal" - the Russian Empire would have
huge mineral and oil reserves. They can buy in Western technology no matter what kind of regime they have, they aren't relying on the wheat harvest to pay for it. Can barter oil, gold, mineral ores, precious stones. Fascists less likely to be obstructed by other countries than the Bolsheviks (look at British and American trade with Nazis OTL) -Poles, Balts, Turks, Finns, Romanians, Hungarians wouldn't be terribly enthused by Russia's development but Americans, British, French though very wary of the great Power in the East wouldn't have any sense of it being an existential threat. Germans probably too focused on rebuilding their economy to have qualms. And Italians probably see them as allies.
Thirdly, it is a myth (largely based on doctored statistics from the old USSR and apologists for Stalin) that the Bolsheviks/CCCP were particularly efficient at industrialisation. They actually compare rather unfavourably to the last three Tsars. Under War Communism Russia actually
deindustrialised. The New Economic Policy 1923-29 only restored Russia's industrial capacity to around 1914 levels. Stalin certainly delivered industrial production growth 1930-39 though the effects of forced collectivisation and the purges would have done as much or more damage to the economy than the Great Recession did in the West OTL. A White victory in 1921 or 22 would have started economic regeneration a year or two earlier and, being less ideologically blinkered and more open to trade and foreign loans delivered growth at least half a percentage point higher each year from 1923-1941. Not as good as avoiding the Bolsheviks altogether but around 10% larger than the 1941 economy of the OTL USSR at a
conservative estimate (I am not making allowance for any White Russian Gustav Krupp, Alfred Nobel, Henry Ford, Giovanni Agnelli etc. who might kick that figure up by another 4 or 5%) And in a country as large as Russia there should be at least one or two such.