Russia Withstood Sanctions Pressure, Its Economy Recovered, President Putin Announces
15:08 18.09.2023 (Updated: 15:53 18.09.2023)
© Sputnik . Mikhail Metzel
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Russia has been hit with over 15,000 sanctions by the US and its allies over the past year and a half, with restrictions targeting Russian energy, food and fertilizer exports, as well as imports of high-tech products and various manufactured goods.
The Russian economy withstood unprecedented external pressure and fully recovered, while the country's GDP reached the level of 2021, said Russian President Vladimir Putin at a meeting on the draft federal budget for 2024-2026.
"In general, we can say that the restoration of the Russian economy has been completed. We withstood absolutely unprecedented external pressure, the sanctions onslaught of some ruling elites in the so-called Western bloc, some ruling elites in certain countries, which we call unfriendly," Putin said.
Improved Economic Preformance
According to the Russian leader, the country's GDP has reached the level of 2021, and now it is important to "create conditions for further stable and long-term development."
Russia's GDP growth may amount to 2.5-2.8% by the end of the year, he further elaborated.
"Initially, some negative figures were forecast for us, but then the forecast was corrected and 1.2% [of GDP growth] was expected, but in fact we have already exceeded this level, and by the end of the year the GDP growth may reach 2.5%, even maybe more – 2.8%," Putin said at a meeting on the formation of the federal budget for 2024.
He went on to say that the situation in a number of key economic indicators is significantly better than previous estimates and forecasts. In particular, he noted, Russia's oil and gas revenues in July-August have recovered the level of last year, while non-oil and gas revenues have significantly exceeded last year's figures.
"It is important that non-oil and gas revenues are significantly higher than last year’s figures. Besides, oil and gas budget revenues in July-August recovered approximately to the level of last year, and active growth continues, considering the situation on the world market," Putin told a meeting on issues related to forming the 2024 federal budget.
At the same time, the president pointed out that accelerated inflation is one of the major problems for Russia's economy, and it is important to understand the reasons for the depreciation of the ruble and to take necessary measures to prevent this.
"It is obvious that one of the major problems is connected with the acceleration of inflation. The key factor here is evident - depreciation of the ruble. And it is important to understand the reason for this and take timely necessary measures without any delays," Putin said.
New Budget Based on National Priorities
The government is completing work on the draft budget, the current economic situation is generally stable and balanced, the president added.
"The government is completing work on the draft federal budget for the upcoming three-year period, 2024 and the planning period of 2025 and 2026. I would like to emphasize that the current economic situation is generally stable and balanced," Putin said.
Putin stressed that Russia's new federal budget should be calculated fairly and tailored according to national priorities, interests and current plans in all areas. He noted that first of all, it is necessary to guarantee the strict fulfillment of all "social obligations of the state to the people."
