In a government meeting on the draft federal budget for 2024-2026, Russian President Vladimir Putin announced that the country’s GDP has reached the level it had before the imposition of Ukraine-related sanctions. Despite facing unprecedented external pressure and sanctions from the so-called Western bloc, Russia’s economy has successfully withstood these challenges.
Putin emphasized that the recovery stage of the Russian economy has been completed. He stated, “In general, we can say that we have withstood absolutely unprecedented external pressure, the sanctions onslaught of some ruling elites in the so-called Western bloc,” highlighting the resilience of the economy. The president also stressed the importance of creating conditions for further stable and long-term development.
Regarding GDP growth, Putin revealed that predictions for April estimated a 1.2% increase, but the actual figures have already surpassed this target. He predicted that by the end of the year, GDP growth may reach 2.5% or even 2.8%. This positive economic performance is a testament to the strength and resilience of the Russian economy, even in the face of challenges posed by external factors.
While acknowledging the progress made, Putin expressed concern about the acceleration of inflation and the weakening of the national currency, the ruble. He urged the country’s financial authorities to take measures to strengthen the ruble and address the causes of inflation promptly. Recognizing the importance of stable currency value and controlled inflation, Putin emphasized the need for timely decision-making.
The Russian leader informed the government that the draft state budget for the next three years has already been prepared. However, there are still disagreements on certain items, and he urged the government to finalize the document as soon as possible. This demonstrates the government’s commitment to effective economic management and the prioritization of long-term planning.
In light of President Putin’s remarks, it is evident that Russia’s economy has made a remarkable recovery, reaching pre-sanction levels. This achievement is a testament to the resilience and ability of the country to weather external pressures and navigate through challenging times. Forgoarding, it is essential for Russia to continue fostering stable and sustainable growth while addressing inflationary concerns and strengthening the national currency. The government’s commitment to finalizing the state budget reflects its dedication to strategic planning and economic stability.
In conclusion, Russia’s GDP has rebounded to pre-sanction levels, signaling a successful economic recovery. President Putin’s statements highlight the country’s ability to withstand external pressure and the need for further stable development. With a promising GDP growth outlook, it is crucial for Russia to address inflation and strengthen the national currency. The government’s focus on finalizing the state budget demonstrates its commitment to effective economic management and long-term planning. By navigating through challenges, Russia is poised to continue its upward trajectory in the global economy.