PRESIDENT Vladimir Putin recently declared that Russia’s economy has successfully bounced back, reaching the same gross domestic product (GDP) level as before the Ukraine-related sanctions were imposed.
Speaking at a government meeting discussing the draft federal budget for 2024-2026, Putin emphasized that Russia had overcome tough challenges.
“In simple terms, Russia’s economy is back to where it was before sanctions hit us. We’ve managed to withstand the pressure from sanctions and challenges from the West,” according to Pres. Vladimir Putin, Russian Federation.
He also revealed that Russia’s GDP has returned to its 2021 level. Putin stressed how important it is to maintain stable growth.
When talking about economic growth, Putin mentioned that while experts initially predicted a 1.2% growth in GDP for April, Russia has already exceeded that target.
He even projected that by the end of the year, his country’s GDP growth might reach 2.5% or possibly 2.8%.
Additionally, Putin addressed the concern of rising prices or inflation.
He explained that one of the main reasons for this was the weakening of the Russian ruble.
He then urged his country’s financial authorities to figure out why the ruble was weakening and take action quickly to address it.
Finally, Putin mentioned that the government had prepared a draft state budget for the next three years, although there were still some disagreements on certain aspects. He called on the government to finalize the budget as soon as possible.
