Russian President Putin Emphasizes Strong Collaboration with International Organizations, Rejects Notions of Economic Collapse
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Russian President Vladimir Putin underlined Russia’s active cooperation with major international organizations such as BRICS, SCO, ASEAN, GCC, and multilateral organizations in Latin America and Africa. Speaking at the Eurasian Economic Forum, he also dismissed predictions of a collapse of the Russian economy.
Putin Rejects Russian Economic Collapse Predictions — Highlights Active BRICS, SCO Cooperation https://t.co/CczWhbrwzQ pic.twitter.com/bYqcUATMT0
— WolfCtrader (@WolfCtrader) May 26, 2023
In addition to this, he addressed various subjects, including the state of Russia’s economy, the impact of Western sanctions, and the country’s partnerships with organizations like BRICS (Brazil, Russia, India, China, South Africa) and SCO.
Putin highlighted that these countries actively endorse establishing a fairer international economic order. They aim to positively impact global affairs by fostering partnerships built on mutual benefit, respect, and consideration of each other’s interests.
President also emphasized that countries failing to adopt this mindset hinder their progress and development. He stressed the significance of global solidarity, urging countries to work together harmoniously for the benefit of all.
It should be noted that global solidarity and harmonious cooperation among countries can bring enhanced economic stability by collectively addressing challenges and sharing resources. It fosters increased trade, investment opportunities, and fair trade practices, boosting economic growth, job creation, and living standards.
Putin Challenges Predictions of Russian Economic Collapse: Highlights Resilience and Stability
Putin also responded to predictions of a possible collapse of the Russian economy, citing an article from The Wall Street Journal that suggested it was in decline. However, he provided contrasting data, stating that despite global economic crises, trade difficulties, and geopolitical uncertainties, the GDP of Eurasian Union states only experienced a modest decline of 1.6 percent in 2022.
Putin stressed that some experts had forecasted a much more severe collapse, but the actual figures revealed a different reality. This underscores the resilience and stability of the Russian economy despite challenging conditions.
Putin stressed: “Nothing like this is happening and has not happened and clearly will not happen again.”
Putin Highlights Positive Growth Outlook for Russian Economy Amid Global Challenges
Russian President Vladimir Putin highlighted that both Russian and international experts have projected GDP growth for Russia. Initially, they estimated a growth rate of 0.7 percent, which was seen as positive news. In comparison, the leading European economies are expected to see negative growth this year. However, the growth forecast for Russia has been revised upward to around 1.5 percent, and there is even a possibility of reaching two percent.
These figures indicate positive momentum for the Russian economy. However, the International Monetary Fund (IMF) expressed concerns about labor shortages and the departure of Western companies, which could undermine Russia’s economy. It is important to consider these factors while evaluating the overall economic outlook.
