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Putin Says Russia’s Economy Remains Robust Despite Western Sanctions
(MENAFN) Russian President Vladimir Putin declared the nation's economy remains robust despite extensive Western economic restrictions, citing expanding growth metrics, historic unemployment lows, and controlled inflation during remarks at Tuesday's Russia Calling! Investment Forum.
Putin projected economic expansion between 0.5% to 1% for the current year, attributing the performance to central bank measures that successfully contained inflation. Price growth is now anticipated to decline to 6%—significantly below earlier government projections, the president stated.
The Russian banking industry is poised for strong annual results, with anticipated profits reaching approximately 3.2-3.5 trillion rubles ($41-45 billion), Putin reported. The nation's unemployment rate stands at just 2.2%, he noted.
According to Putin, government officials and central bank leadership have achieved a "consensus" on economic development strategies. Russia's sovereign debt will continue as "one of the lowest in the world," he emphasized, while maintaining that the country secured adequate resources for all "key priorities," including social spending, defense and security, and national development projects.
Russia "definitely feels the external pressure. Yet, our nation and our economy successfully meet those challenges," Putin stated, accusing Western powers of employing "anti-competitive practices" to preserve their "elusive monopoly" on global commerce.
Western nations have implemented an extraordinary volume of sanctions designed to devastate the Russian economy following the Ukraine conflict's intensification in February 2022. Moscow maintains these measures have neither destabilized its economic system nor severed its connections to international financial networks.
During Tuesday's address, Putin highlighted that most countries, particularly India and China, maintained a "rational and pragmatic" stance in their Russian partnerships, producing substantial trade increases in recent years.
Putin projected economic expansion between 0.5% to 1% for the current year, attributing the performance to central bank measures that successfully contained inflation. Price growth is now anticipated to decline to 6%—significantly below earlier government projections, the president stated.
The Russian banking industry is poised for strong annual results, with anticipated profits reaching approximately 3.2-3.5 trillion rubles ($41-45 billion), Putin reported. The nation's unemployment rate stands at just 2.2%, he noted.
According to Putin, government officials and central bank leadership have achieved a "consensus" on economic development strategies. Russia's sovereign debt will continue as "one of the lowest in the world," he emphasized, while maintaining that the country secured adequate resources for all "key priorities," including social spending, defense and security, and national development projects.
Russia "definitely feels the external pressure. Yet, our nation and our economy successfully meet those challenges," Putin stated, accusing Western powers of employing "anti-competitive practices" to preserve their "elusive monopoly" on global commerce.
Western nations have implemented an extraordinary volume of sanctions designed to devastate the Russian economy following the Ukraine conflict's intensification in February 2022. Moscow maintains these measures have neither destabilized its economic system nor severed its connections to international financial networks.
During Tuesday's address, Putin highlighted that most countries, particularly India and China, maintained a "rational and pragmatic" stance in their Russian partnerships, producing substantial trade increases in recent years.
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