Putin speaks of positive growth of Russia’s economy as rouble strengthens

Russia’s President Vladimir Putin spoke on the country’s economy in a recent meeting as reported in an official Kremlin press release, on June, 7.

Putin initially began his address on Russia’s economy by speaking of the noticeable decline of the industrial production in Russia, specifically in the ferrous metallurgy, automotive industry and oil refining.

Rapidly moving on to the positive growth of Russia, Putin stated:

“As far as positive results are concerned, we all know very well that there is a positive dynamic in the agriculture and construction sectors.”

“These are the most important, backbone sectors of our economy, employing millions of people, millions of specialists.”

“The growth and strengthening of these sectors is decisive for the development of entire regions and territories of the country, for improving the quality of life of our citizens.”

The President of Russia also noted that unemployment rates actually began to decline slightly after having plunged to historic lows during the ongoing war with Ukraine.

He also reported that inflation had been brought under control and the rouble had been strengthened allowing to ease the requirements for exporters.

The economic meeting was reportedly attended by Prime Minister Mikhail Mishustin, Head of the Presidential Administration Anton Vaino, First Deputy Prime Minister Andrey Belousov, First Deputy Head of the Presidential Administration Sergey Kirienko, Deputy Prime Minister Marat Khusnullin, Presidential Aide Maxim Oreshkin, Minister of Economic Development Maxim Reshetnikov, Finance Minister Anton Siluanov and Central Bank Chairman Elvira Nabiullina.

Putin’s positive outlook on the “improving” economy of Russia comes at the same time Japan reported it is set to introduce new sanctions on the Russian Agricultural Bank, the Credit Bank of Moscow and the Belarusian Bank for Development and Reconstruction.

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