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Situation in Russian economy better than previously projected on some key figures — Putin

Despite negative forecasts, Russia’s GDP may grow by 2.8% by the end of the year, the Russian leader said

MOSCOW, September 18. /TASS/. Russian President Vladimir Putin believes that the economic situation on a number of key indicators is better than projected earlier.

"I would like to say at once that on a number of key indicators the situation is much better than previously projected," he said at a meeting on draft federal budget for 2024-2026.

Despite negative forecasts, Russia’s GDP may grow by 2.8% by the end of the year, Putin said. "Back in April this year’s GDP growth was expected at 1.2%. Initially some even projected [GDP] contraction, though later the outlook was adjusted to 1.2% growth, though in fact we have already surpassed this mark, and GDP growth may reach 2.5% by the end of the year, maybe even up to 2.8%," the president added.

Russia’s economy has coped with an unprecedented external pressure and fully recovered, with the country’s GDP having reached the level of 2021, Putin noted.

"Overall it is safe to say that the stage of recovery of the Russian economy is over. We coped with an absolutely unprecedented external pressure, the sanctions pressure of some ruling elites in the so-called Western bloc, some ruling elites in certain countries that we call unfriendly," he said, adding that "Russia’s GDP has reached the level of 2021."

Moreover, Russian President has tasked the government and the Central Bank with taking measures to support the national currency.

"Obviously one of the main problems is related to inflation acceleration now, with the ruble’s weakening being clearly the key factor here," he said.

"It is necessary to clearly understand its reasons and take timely measures. I am confident that the government, the Central Bank will work professionally," Putin noted.