Putin says economy is resilient in face of Western sanctions
Putin indicated that national output is projected to increase by between 0.5% and 1% this year. He attributed this to the central bank’s actions to restrain inflation, which, he said, is now forecast to decline to 6% — a figure that he emphasized is significantly lower than earlier government projections.
The president also pointed out that financial institutions are expected to post substantial profits, estimated at roughly 3.2–3.5 trillion rubles, and highlighted that unemployment currently stands at just 2.2%.
He stated that the authorities and the central bank share a “consensus” on the direction of economic development. Russia’s debt levels, he added, will remain “one of the lowest in the world,” while funding continues uninterrupted for all “key priorities,” including social programs, defense, security, and national development plans.
Putin remarked that Russia “definitely feels the external pressure. Yet, our nation and our economy successfully meet those challenges,” asserting that Western governments have turned to “anti-competitive practices” to protect what he described as their “elusive monopoly” in global markets.
Reports note that Western countries have introduced an extensive array of sanctions since the escalation of the Ukraine conflict in early 2022. Russian officials maintain that these measures have failed to significantly weaken the country’s economic structure or sever it from global financial networks.
On Tuesday, Putin emphasized that many nations — particularly China and India — continue to take a “rational and pragmatic” stance in their relations with Russia, contributing to sharp increases in mutual trade over the past several years.
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