Despite unprecedented Western sanctions, Russia’s economy has been stable this year – especially in comparison to Western industrialized nations, Russian President Vladimir Putin said on Thursday.
Gross domestic product (GDP) will grow by 3.9% in 2024, “perhaps even by 4%,” the Kremlin leader predicted at his annual question-and-answer broadcast.
In the past two years, GDP has even increased by 8%, Putin said, noting that Germany – Europe’s biggest economy – had shown 0% growth in the same period.
He admitted that there were problems in the fight against inflation, with prices rising by up to 9.3% over the course of the year. However, in the case of food, for example, this was due to the fact that consumption had increased, Putin said.
Economists are warning of a significant slump in growth rates in Russia in the coming year. In addition to high inflation, a staggering key interest rate of 21% is also causing problems for the economy.
Putin traditionally addresses the country’s most pressing issues at the annual televised meeting with the press and public.
In addition to social and economic issues, questions about the war in Ukraine have dominated question time since Putin ordered a full-scale invasion in 2022.
The event, which usually lasts several hours, offers the country’s long-standing president the chance to present himself as a guarantor of order and prosperity.
