Russia’s GDP Recovery and Putin’s Optimistic Outlook

Russian President Vladimir Putin said he hopes Russia’s GDP in 2024 will recover from a 2.1 percent decline this year, Reuters reported.

“Today, Russia’s GDP is already higher than before the imposition of Western sanctions,” Putin told the business forum “Russia is Calling!” in Moscow. Russia’s economy has proved more resilient than the Kremlin and its opponents had assumed as the country came under Western sanctions over its invasion of Ukraine, Reuters reported.

The Russian economy actually got a big boost from the sharp rise in war spending and related production because of the invasion of Ukraine and the needs of the military there.

In his speech to the forum, Putin described the Western financial system as “technologically outdated” and pointed out that Russia, which was excluded from the SWIFT payment system, had proven that it could overcome any challenges.

According to Putin, the “monopoly of the big Western banks” will end in the coming years because of the technological revolution, BTA reported. “The Western financial system has long rested on its old laurels and is used to its “monopoly and exclusivity” as well as the lack of alternatives to such an extent that it does not change anything and becomes archaic,” the Russian president concluded.

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2023-12-07 19:13:00
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