(MENAFN) Russian President Vladimir Putin asserted that the country's economy, which has experienced a 3.2 percent expansion this year, is achieving growth primarily through non-energy-related sectors. Addressing the VTB Bank's 'Russia Calling!' forum, Putin emphasized that industries such as manufacturing, transport, logistics, construction, information technologies, communications, housing, and communal services contribute significantly to economic growth, accounting for 54 percent in the second quarter of the year. In contrast, resource development only contributed 2 percent to growth during the same period.
Putin's remarks aimed to challenge the persistent label of Russia as a "gas station" often used by Western politicians to suggest that the nation's economy relies too heavily on energy exports, making it vulnerable. By highlighting the diversification and strength of non-resource-based sectors, Putin aims to counter this characterization.
The president acknowledged that certain sectors, particularly wood processing and the automotive industry, still face challenges due to Western sanctions and dependencies on foreign markets. However, Putin expressed optimism, noting that these industries are gradually emerging from the crisis.
Putin's comments shed light on Russia's ongoing efforts to diversify its economy and reduce dependence on energy exports, challenging stereotypes and emphasizing the resilience of non-resource-based sectors in contributing to economic growth.
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