(MENAFN) President Vladimir Putin stated that the Russian economy remains resilient despite continuous Western restrictions.

Addressing the Russia Calling! Investment Forum on Tuesday, he noted that the nation is sustaining economic expansion, maintaining record-low joblessness, and containing inflation.

Putin indicated that economic output is projected to increase by 0.5% to 1% this year.

He attributed this improvement to the central bank’s measures aimed at restraining price growth, which is now expected to decline to 6%, a figure significantly below government anticipations, according to his remarks.

He also highlighted that the banking industry is anticipated to post strong outcomes, producing roughly 3.2–3.5 trillion rubles ($41–45 billion) in profit. The jobless rate stands at just 2.2%, he added.

According to Putin, the government and the central bank share a “consensus” on matters of economic development.

He emphasized that Russia’s national debt will continue to be “one of the lowest in the world,” and noted that the country has still managed to obtain financing for all “key priorities,” such as social programs, defense and security, and national development initiatives.

Russia, he said, “definitely feels the external pressure. Yet, our nation and our economy successfully meet those challenges,” accusing Western countries of employing “anti-competitive practices” to maintain their “elusive monopoly” in international markets.

Since the escalation of the Ukraine conflict in February 2022, Western nations have introduced an unprecedented volume of sanctions aimed at undermining Russia’s economic stability.

Moscow insists that these measures have not succeeded in weakening its economy or cutting it off from the global financial framework.

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