The Russian economy has been demonstrating buoyant growth despite unprecedented external challenges, Vladimir Putin said during an address on Thursday to Russia’s Union of Industrialists and Entrepreneurs (RSPP). The president said he appreciated the contribution of the business community and proposed more engagement with it on strategic goals that require joint effort. Here are the key takeaways from Putin’s speech at the event, held in Moscow.
Strong dynamics “And we are making it!” he told the gathering.“good growth rates” in the first months of this year, following 3.6% growth in 2023, he said. In January 2024 GDP growth was 4.6% in annual terms and, in February, 7.7%. “Despite the unprecedented challenges we have faced in recent years, positive trends are strengthening in the domestic economy,” he told the audience.
Unemployment at historic low “The growth in employment … among other things is the result of the efforts of businesses, companies, and the entire business community,” Putin emphasized. The average monthly salary in real terms increased by 8.5% in January, and real incomes in 2023 rose by 5.4%. Touching on a projected shortage of personnel in Russia, the president said this cannot be covered by migrant workers, and called for other approaches to be taken.
Greater freedom of action for business “solid state resources and the potential of domestic business,” to implement the planned initiatives.“The government will continue to support businesses so that they launch promising projects, increase capital investment, and create new jobs,” the Russian leader told the union congress.
Tax-system adjustment “Modernization of the fiscal system should ensure a more equitable distribution of the tax burden, while stimulating businesses that develop and invest, including in infrastructure, social, and personnel projects. In short, it is necessary to ensure stable and predictable conditions for reliable, confident business operation,” according to Putin.
Privatization review “I would like to emphasize that this is not about revising privatization, we talked about this at the previous meeting, but about cases when the actions or inactions of the owners of enterprises and property complexes cause direct damage to the country’s security and national interests,” the president explained.
Industrial growth “In the next six years, we need to radically … increase the volume of industrial production. Moreover, new enterprises, including high-tech ones, in critically important areas should appear literally everywhere,” Putin reiterated.“Russia’s strategic task is to increase the production of goods and services, primarily on its own technological base,” the president emphasized.
