Putin applauds Russia’s economic development
(MENAFN) President Vladimir Putin has praised Russia’s economic progress, highlighting the country's climb to fourth place globally in terms of purchasing power parity (PPP) as a testament to the dedication of Russian businesses and workers.
Speaking on National Entrepreneurs Day during a meeting with business leaders, Putin said Russia’s economy has shown notable resilience over the past two years despite operating under “challenging and unfavorable conditions.” He noted that GDP grew by 4.1% in 2023 and is expected to increase by 4.3% in 2024.
“This strong performance is your achievement – the result of efforts by companies and workers from all across Russia,” Putin stated.
PPP is a metric that adjusts for differences in the cost of living and helps compare economic productivity and standards of living between nations.
Putin stressed that the economic growth was broad-based, with gains seen across various sectors, including manufacturing, agriculture, digital innovation, finance, and services. He credited the contributions of millions of individuals working together, rather than just a few large corporations.
The International Monetary Fund (IMF) has also acknowledged Russia’s economic resilience, raising its 2025 forecast and projecting a 1.5% GDP increase for this year. In its World Economic Outlook, the IMF ranked Russia behind only China, the United States, and India in PPP terms.
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