During a meeting with Far Eastern companies, Russian President Vladimir Putin highlighted Russia’s remarkable economic performance, stating that it ranks first in Europe in terms of total economic volume, surpassing even Germany.
“It’s an amazing result. It seems that we are being strangled and pressured from all sides, but we have become the first in Europe in terms of the size of the economy as a whole. We’ve beaten Germany. And we rank fifth in the world”, Putin said.
The Russian president, considering the possibility of surpassing the Japanese economy, emphasized the need for greater effort, despite the fact that Russia has surpassed all of Europe in purchasing power parity.
In this regard, Putin stressed the importance of improving per capita performance, especially when compared to high-tech economies such as Japan.
Russia Exceeds Economic Expectations Despite Sanctions
Regarding economic development, Putin raised the possibility that Russia’s Gross Domestic Product (GDP) by the end of 2023 will exceed projections of 3.5%, reaching even 4% more.
The Russian president stressed that the economic decline in 2022 turned out to be less than anticipated, suggesting a possible increase in GDP.
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Regarding the current high interest rate in Russia, Putin assured that “The central bank’s base interest rate in its current form remains temporary. And the head of the central bank is talking about it, and the experts say, as inflation-related issues are resolved, as inflation is suppressed, I think this position is going to change”.
The Russian economy continues to demonstrate its resilience and adaptability, being constantly monitored in the context of economic and financial developments at the international level.
