SAINT PETERSBURG: President Vladimir Putin on Friday (Jun 20) urged officers to not let Russia fall into recession “below any circumstances”, as some in his personal authorities warned of successful to financial progress.
Economists have warned for months of a slowdown within the Russian financial system, with the nation posting its slowest quarterly enlargement in two years within the first quarter of 2025.
The Kremlin has stated that is to be anticipated after two years of speedy enlargement because it ramped up army expenditure to fund the Ukraine marketing campaign, however officers, together with the nation’s financial system minister, have warned of ache forward.
“Some specialists and consultants are pointing to the dangers of stagnation and even a recession,” Putin informed attendees in an deal with at Russia’s flagship financial discussion board in Saint Petersburg.
“This should not be allowed to occur below any circumstances.”
“We have to pursue a reliable, well-thought-out budgetary, tax and financial coverage,” he added.
Moscow’s financial system grew in 2023 and 2024, regardless of the West’s sweeping sanctions, with large state spending on the army powering a sturdy enlargement.
However economists have lengthy warned that heavy public funding within the defence business is not sufficient to maintain Russia’s financial system rising and doesn’t replicate an actual enhance in productiveness.
