President Vladimir Putin has downplayed warnings that Russia’s economy is on the brink of a recession, pointing to the steady growth of the country’s manufacturing industries.

Saint Petersburg

President Vladimir Putin, addressing the St. Petersburg International Economic Forum, rejected concerns that Russia is nearing a recession. He pointed to the steady growth in the country's manufacturing sector and argued that the traditional view of Russia as reliant on raw materials is outdated. Putin highlighted that Russia now ranks fourth globally in gross domestic product and first in Europe. 

He credited high defence spending for driving economic growth and maintaining low unemployment, despite contributing to inflation. Putin also outlined plans to further modernise Russia's military capabilities and expand military-technical cooperation with allied nations. However, he acknowledged that inflation and limited foreign investment remain challenges for Russia's long-term economic outlook.

Putin downplays threat of Russia recession

Speaking at the St. Petersburg International Economic Forum on Friday, President Vladimir Putin downplayed warnings that Russia's economy is on the brink of a recession, pointing instead to the steady growth of the country's manufacturing industries. The perception of the Russian economy as based on raw materials and dependent on hydrocarbon exports has clearly become outdated. It's receding into the past, the reality suggests. Russia takes the fourth place in the world in gross domestic product and the first place in Europe. Putin said that high defence spending has propelled growth and kept unemployment low, despite fuelling inflation. I'll reiterate, we will increase the combat capabilities of Russia's armed forces on a new technological basis, modernise the facilities of military infrastructure, provide them with the latest weapons and equipment, which will prove their efficiency in practice on combat conditions. At the same time, we intend to develop military-technical cooperation with friendly countries. It's not only the supply or modernisation of weapons and equipment, but also collaborative development, trainings, the creation of enterprises and production capacities on a turnkey basis. But over the long term, inflation and a lack of foreign investment pose threats to Russia's economy.

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