Putin hails Russia's economic growth
Russian President Vladimir Putin has hailed the country's economic performance, attributing its rise to fourth place globally by purchasing power parity (PPP) to the efforts of businesses and workers.
Speaking on Monday at a meeting with business leaders on National Entrepreneurs Day, Putin said the country had achieved impressive results over the past two years, despite operating in what he described as 'far from favorable and rather difficult conditions.'
'In 2023, GDP grew by 4.1%, and in 2024, by 4.3% – that's a solid result,' he said. 'That Russia's economy is now fourth in the world by PPP is, of course, your direct achievement – the result of the work of companies from all regions of the Russian Federation.'
PPP compares economic productivity and living standards between countries by adjusting for differences in the cost of goods and services.
Putin emphasized that the growth had not been limited to any one sector but spanned a wide range of industries, including manufacturing, agriculture, digital technologies, services, and finance.
'Such a result is not the work of a few large organizations, but the contribution of thousands, hundreds of thousands, even millions of people working toward a common goal,' the president said.
The International Monetary Fund has also upgraded its 2025 forecast for Russia's economy. In its latest World Economic Outlook, the IMF projected Russian GDP to grow by 1.5% this year, citing resilience to global and geopolitical challenges.
The IMF ranks Russia behind only China, the US, and India in terms of PPP.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
a day ago
- Russia Today
Major Russian city backs fines for promoting abortion
Lawmakers in the Russian city of St. Petersburg have advanced a bill that would impose fines on individuals and organizations that coerce women into having abortions. The Legislative Assembly passed the measure on Wednesday in its second reading. The legislation would penalize acts such as persuasion, bribery, deception or other pressure aimed at ending a pregnancy. Fines would range from 3,000 rubles ($40) for individuals to 50,000 rubles ($600) for officials and legal entities. Punishments can be imposed even if an abortion does not occur. Medical advice from a doctor based on social or health indications would not count as a violation. The bill's explanatory note says it aims to support family and motherhood and tackle Russia's demographic problems. According to Rosstat, the country recorded 1.22 million births in 2024, down 3.4% from 2023, making it the worst year since 1999. 'Our demography is at such a low level that… it's a number one problem,' said MP Pavel Krupnik, one of the sponsors of the bill. 'According to statistics, 500,000 abortions were performed in 2024, of which only 25% were for medical reasons. Just imagine what we're doing ourselves.' He added that many women lose the ability to have children after terminating a pregnancy. The bill still needs final approval in a third reading to become law. Similar measures have passed in more than ten Russian regions, including Bryansk, where a comparable law takes effect on September 1. Authorities in Murmansk and Pskov have proposed alternative legislation to fight abortions, suggesting paying doctors bonuses for persuading women to keep their pregnancies. St. Petersburg lawmakers are currently weighing draft amendments to the Social Code to offer payments to pregnant college students to discourage them from delaying childbirth. Abortions remain legal in Russia and are covered by national health insurance. Terminations are allowed up to 12 weeks on request, up to 22 weeks for social reasons, such as being the result of rape or in the case of death or disability of the husband, and at any stage for medical reasons. Russian Deputy Prime Minister Tatyana Golikova said in March that efforts to prevent abortion led to more than 37,000 women choosing to carry their pregnancies to term last year. Russian President Vladimir Putin has previously opposed banning abortions, instead emphasizing the importance of creating favorable economic and social conditions to encourage people to have larger families and increase the birth rate.
Russia Today
6 days ago
- Russia Today
Russia boosts wheat exports to Africa as France loses ground
Russian grain shipments to Africa have surged in the current agricultural season, with exports to North Africa up 10%, a top Russian trade official said on Thursday. The increase comes as Moscow gains ground in a wheat market previously dominated by European suppliers. Since July 2024, grain deliveries to North Africa have reached nearly 15 million tons, while supplies to Sub-Saharan Africa surged by 43% to 6 million tons, Ilya Ilyushin, head of Russia's Federal Center Agroexport, said at the All-Russian Grain Forum, TASS reported. 'We reached 80% of Egypt's wheat imports, 40% of Morocco's, and 35% of Algeria's,' Ilyushin said. He noted that European grain deliveries dropped by 30% during the same period due to harvest issues. The boost follows Algeria's reported move last October to block French companies from bidding in a major wheat import tender. The state-run Algerian Inter-professional Office of Cereals reportedly instructed bidders not to offer grain of French origin, awarding the over 500,000-ton contract primarily to Russian suppliers. The move came amid heightened diplomatic tensions between Algeria and France over several issues, including the French government's support for Morocco's sovereignty claim over the disputed Western Sahara. In mid-January, Reuters cited French officials as saying that Algeria is adopting a policy that aims to wipe its former colonial power's economic presence from the country. According to the news agency, trade between them has fallen by up to 30% since the summer. Data released by FranceAgriMer last week show France's agricultural exports to Africa fell by about €100 million ($114 million) in 2024, dropping from €5.2 billion ($5.9 billion) the previous year to €5.1 billion ($5.7 billion). Wheat shipments to Sub-Saharan Africa slumped by 16%, contributing to a 3.4% decline in regional exports, the French agency for agricultural and seafood product statistics and trade policy reported. Imports of French dairy products dropped by 33% in both value and volume, with Polish and Belgian suppliers reportedly filling the gap. Despite Cote d'Ivoire (Ivory Coast) increasing its purchases from France by 3%, countries including Senegal, South Africa, and Cameroon recorded slight year-on-year declines, according to the May 23 report.
Russia Today
28-05-2025
- Russia Today
Sanctions, no ‘rolling out carpet' for McDonald's, the fight against ‘bad IT habits': Key points from Putin's meeting on economy
Russian President Vladimir Putin met with business leaders in the Kremlin on Monday, discussing the state of the economy and the effects of Western sanctions. On Russian Entrepreneurship Day, the president thanked business leaders and their employees for driving the recovery from foreign sanctions and effectively filling the space left by corporations that chose to cut ties with Russia over the Ukraine conflict. Fourth-largest economy in the world Putin noted that the Russian economy now ranks fourth globally by purchasing power parity (PPP). He credited the accomplishment to the business community and workers across the country. According to the International Monetary Fund, Russia overtook Japan as the fourth-largest economy based on PPP in 2024, ranking behind only China, the US, and GDP growth GDP grew by 4.1% in 2023 and 4.3% in 2024 – a 'solid result,' considering the 'difficult conditions,' Putin said. 'The growth was neither confined to individual sectors nor limited to specific regions. On the contrary, it spanned a wide spectrum: industry, agriculture, digital technologies, services, finance, and more,' he went on to say. The government projects a 2.5% growth rate in 2025. Russia won't be 'rolling out a carpet' for McDonald's Putin said the government would devise a program for foreign companies wishing to return to the Russian market, 'but only insofar as it aligns with the protection of our own business interests.' Moscow, he stressed, will not be 'rolling out a carpet' for McDonald's and other corporations. 'Let's consider the terms. If their return is beneficial to you, then by all means, they can come back. If something isn't currently in your interest, let's work together to make it so,' Putin told Russian business leaders. Fighting 'bad IT habits' The president welcomed calls to restrict access to services from companies such as Microsoft and Zoom, which officially exited the Russian market after 2022. 'We need to strangle them. I completely agree. I say this openly because they are trying to strangle us. We need to reciprocate,' he said. He stressed that Russia did not force any IT companies to leave in the first place. However, he urged Russians to abandon the 'bad habits' of relying on foreign services. Sanctions making economy stronger Putin argued that Western sanctions have inadvertently helped the country ramp up domestic production and become more self-sufficient. 'Russia has always demonstrated remarkable resilience in the face of hardship. This is one of those moments when overcoming difficulties only makes us stronger.' Fines for breaching 'local production' laws The president also backed the idea of fining state-owned companies for violating recently adopted procurement laws that prioritize domestically produced goods over foreign goods. 'There must be both oversight and sanctions… to deter violations of the norms,' he said.
