Putin announced the completion of economic recovery after sanctions

The country has withstood the unprecedented “sanctions onslaught” of unfriendly states, says President Vladimir Putin

The recovery of the Russian economy after sanctions is complete, President Vladimir Putin said at a meeting on the draft federal budget for 2024–2026, his words are quoted on the Kremlin website.

“In general, we can say that the stage of recovery of the Russian economy has been completed,” Putin said.

According to him, RUSSIA has withstood an unprecedented “sanctions onslaught” from unfriendly countries. The HEAD of state noted that the country’s GDP had reached the pre-sanction level of 2021, and called for creating conditions for further stable and long-term growth.

Putin recalled that back in April, GDP growth for this year was expected at 1.2%. “But in fact, we have already exceeded this level, and by the end of the year, GDP growth may reach the level of 2.5, or even, perhaps, more - 2.8 percent,” he pointed out. The president described the economic situation in Russia as a whole as “stable and balanced.”

Putin has repeatedly argued that the West’s expectation that the Russian economy “would collapse in two or three weeks or a month” after the outbreak of hostilities in Ukraine and the imposition of sanctions did not come true. According to him, “the fundamental foundations of Russia’s stability are much stronger than anyone previously thought.” He called the “most important result” of last year “a multiple increase in the economic sovereignty” of the country.

In August, the president announced that Russia, based on the results of last year, entered the top five largest economies in the world. Putin then cited World Bank data, according to which Russia has overtaken Germany in “the most important indicator”—the size of the economy.

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At the same time, the Central Bank noted the overheating of the Russian economy. it appears to have exceeded its potential level, Bank of Russia analysts wrote in the bulletin “What Trends Are Saying” (the conclusions in the bulletin may not coincide with the official position of the Central Bank). This means that its growth will soon slow down, says the Department of Research and Forecasting of the Bank of Russia.