Putin calls for Russian economic sovereignty

The president has listed the top priorities for the country’s continued growth

Self-sufficiency is key to the continued growth of the Russian economy amid Western sanctions and a global economic downturn, President Vladimir Putin stated in a message published by the Kremlin on Wednesday.

Putin’s statement was addressed to participants of the 26th St. Petersburg International Economic Forum (SPIEF), which will take place on June 14-17.

The Russian leader praised the country’s business community, which “continues to be active” despite the challenging current economic climate.

“I would therefore like to once again express my gratitude to all those working at companies and organizations, whether in senior positions or as team members, for having done much to overcome the severe consequences of unlawful sanctions,” Putin wrote.

He added that it is important to make the most of the opportunities which have presented themselves, stressing that this means “focusing on attaining technological and financial sovereignty, forging strong ties, developing optimal logistics routes, improving infrastructure, and tackling inequality and poverty.” 

READ MORE: Russian economy returning to growth – World Bank

Support for the labor market is another priority for the government, Putin insisted. The president outlined the need for a close partnership between the state and the business community, particularly with regard to introducing lean manufacturing technology and modernizing enterprises.

“And of course, more work is needed to optimize professional training and retraining programs and improve the national employment service,” the Russian leader stated.

The global economy will continue to decelerate in 2023, while Russia’s GDP could grow by up to 2%, Putin said, citing estimates from experts.

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