President Vladimir Putin, in a governmental meeting addressing economic issues, announced potential growth in Russia’s GDP by 3% or more for 2024. This optimistic forecast is supported by robust early-year macroeconomic indicators, some surpassing expectations. For instance, January saw the manufacturing industry grow by 7.5%, and in February by an impressive 13.5%. Overall, the Russian economy has expanded by 6% in the first two months of 2024 alone. Furthermore, the inflation situation is also reportedly improving.
The President highlighted the positive impact of economic development on the country’s budget, with 2024 revenues significantly outstripping those of the previous year.
In his address, Putin also advocated for a gradual displacement of imports from the Russian market, not through administrative decisions but through fostering fair market competition.
He emphasised the importance of increasing domestic production and exploiting the internal market, describing this approach as a supply-side economy that needs cultivation. In his recent Federal Assembly address, Putin outlined specific steps towards this end over a six-year period, aimed at structural transformations in the Russian economy.
Currently, the government, in collaboration with regions, is developing corresponding national projects for the next six years, with plans to finalize them by the year’s end.
[Photo: Still from video on Rutube]