Russian President Vladimir Putin praised the performance of the Russian economy and stated that the Russian economy has recovered even though the situation in global markets remains volatile and complex.
“Recently we have been saying that the Russian economy has recovered in general, and now we can already say that it has recovered,” President Putin said, during a government meeting on Tuesday.
The Russian President indicated that the results of the first seven months of 2021 showed that Russia’s gross domestic product reached its level before the outbreak of the Corona crisis, and stressed that the economic stagnation caused by the Corona pandemic had been completely overcome.
He added that the growth of the industrial sector from January to July 2021 amounted to 4.4%, while the manufacturing sector showed higher rates, with a growth of 5.6%.
Regarding investments, Putin said: “The positive mood of the business sector and investors is demonstrated by the volume of investments in fixed assets, which grew in the first half of the year by 7.3% compared to last year’s indicators.”
The Russian President added that the budget is expected to achieve a surplus of 1.1% of GDP in 2022, 0.3% in 2023, and 0.2% in 2024.
He noted that the Russian parliament, whose elections were held last week, will have in the coming months to adopt the Russian budget for the next three years, which includes new measures to develop the social sphere, infrastructure and support for Russian families.
Earlier, the Russian Ministry of Economic Development announced that it had improved its expectations regarding the performance of the Russian economy during the current year, and the ministry now expects that the Russian economy will grow in 2021 by 4.2% instead of 3.8%.