The nation has maintained economic growth and low unemployment despite Western sanctions, the president has said<\/p>\n
The Russian economy continues to be resilient in the face of Western sanctions, President Vladimir Putin has said. The country is maintaining economic growth while keeping unemployment at record lows and reining in inflation, he told the Russia Calling! Investment Forum on Tuesday.
\nThe economy is expected to grow from 0.5% to 1% this year, Putin said. This is a result of the central bank\u2019s efforts to curb inflation, which is now expected to drop to 6%\u00a0\u2013 well below government forecasts, according to the president.
\nThe banking sector is also expected to show good results this year by generating a profit of around 3.2-3.5 trillion rubles ($41-45 billion), Putin said. The unemployment rate is just 2.2%, he added.
\nThe government and the central bank have a \u201cconsensus\u201d on the issues of economic development, according to Putin. Russia\u2019s national debt will remain \u201cone of the lowest in the world,\u201d he said, adding that the nation still managed to secure funding for all the \u201ckey priorities,\u201d including social spending, defense and security, and national development projects.<\/p>\n
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Putin reveals new plans with China and India<\/p>\n
Russia \u201cdefinitely feels the external pressure. Yet, our nation and our economy successfully meet those challenges,\u201d\u00a0Putin said, accusing Western nations of resorting to \u201canti-competitive practices\u201d to retain their \u201celusive monopoly\u201d on the global markets.
\nThe West has imposed an unprecedented number of sanctions aimed at crippling the Russian economy since the escalation of the Ukraine conflict in February 2022. Russia maintains that the sanctions failed to destabilize the economy or isolate it from the global financial system.
\nOn Tuesday, Putin said most nations, including India and China, kept a \u201crational and pragmatic\u201d approach toward working with Russia, resulting in dramatic growth in trade in recent years.<\/p>\n","protected":false},"excerpt":{"rendered":"
The nation has maintained economic growth and low unemployment despite Western sanctions, the president has said The Russian economy continues to be resilient in the face of Western sanctions, President…<\/p>\n","protected":false},"author":1,"featured_media":23591,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-23590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t