Russian economy
Although the West has imposed unprecedented sanctions on Russia because of the war in Ukraine, the economy of the world’s biggest producer of natural resources has shown resilience.
Putin says Russia is now turning away from the West and will trade with Asian powers such as China and India.
“The situation in the economy is stable,” Putin said. “Not only what our opponents predicted, but much better than what we predicted.”
Putin said unemployment is a leading indicator.
“Unemployment is at a historic low. Inflation is lower than expected and has a significantly declining trend.”
Russia’s economy contracted in 2022 under the weight of sanctions, but by much less than the collapse many economists forecast.
Many sectors, such as aviation and automaking, have been badly hit and some economists say an increase in arms production has offset the contraction.