Russia will post 3.5% economic growth for 2023 – Putin

Western countries have failed to destabilize the country’s economy, according to the Russian president

The Russian economy grew by 3.2% in the first ten months of 2023 and will post 3.5% growth by the end of the year, beyond the levels recorded prior to the conflict in Ukraine, President Vladimir Putin said during his address at VTB Bank’s ‘Russia Calling!’ Forum on Thursday.

Putin said Western states had aimed to destabilize the Russian economy “to make the Russian people suffer,” with financial sanctions imposed on the country since February 2022. However, these goals “set by our ill-wishers have clearly not been achieved,” the president added.

“There are still things we need to work on, of course… but we have proven that we are capable of tackling the most difficult challenges. The Russian economy is coping,” Putin stated, adding that Moscow expects the country’s GDP to continue expanding and grow by 3.5% by the end of the year.

Putin pointed out that the Russian economy is already the largest in Europe, and is way ahead of all major EU countries in terms of economic growth.

According to the Russian president, there are indicators that show that the country’s economic policy is on the right course. He added that Russia is actively developing its domestic market, business activity in the country is on the rise, and banks are operating “stably and sustainably.”

READ MORE: Russia’s economy growing three times faster than Eurozone – Guardian

Putin also noted that real wages have grown by 7% over the past year, while the budget deficit has dropped to 0.5% of GDP, down from 2.1% in 2022.

“And if you look at the consolidated budget, there is a surplus of 837 billion rubles ($9 billion). That means that, in general, the Russian financial system is in an absolutely normal, healthy state,” Putin concluded.

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