The West’s economic ‘blitzkrieg’ has failed, according to the Russian president
FILE PHOTO: Russian President Vladimir Putin © Global Look Press / Gavriil Grigorov/Kremlin Pool
The Russian economy is currently stabilizing and turning to a growth path, President Vladimir Putin said on Monday at an economic meeting, citing monthly dynamics of key macro indicators.
According to Putin, the country has managed to tackle inflationary pressure and prevented the economy from entering a severe economic slump.
“Russia is confidently coping with external pressure, and financial and technological aggression from some countries. The tactics of economic blitzkrieg, the onslaught they were counting on, did not work,” he said, adding that contraction of the nation’s economy has slowed to 4.3%, while economic activity is growing.
Putin highlighted that the rate of inflation dropped to 14.1% after reaching its peak in April, adding that further decline to about 12% is expected by the end of the year. He added that unemployment in the country is at an historic low of 3.9% in May-July, while contraction in the industrial sector in July totalled 0.5%.
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