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News > Russia

Russia Will Soon Become the World's 4th Largest Economy: Putin

  • Russian President Vladimir Putin, Feb. 29, 2024.

    Russian President Vladimir Putin, Feb. 29, 2024. | Photo: X/ @Quijanomacanche

Published 29 February 2024

Education is the most important guarantee for Russia's sovereignty, President Putin said.

On Thursday, President Vladimir Putin presented his annual report to the Assembly of the Russian Federation, where he highlighted that his country has managed to maintain a thriving economy despite Western sanctions related to the Ukrainian special military operation.


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In his address to both legislative chambers, he highlighted the role of Russian workers, who have demonstrated their ability to tackle the most complex tasks and face any challenge.

"In 2023, the Russian economy grew at a rate above the world average. We will surpass not only the main countries of the European Union but all the countries of the Group of Seven," he said, highlighting that Russia is already the main European economy and the world's 5th largest economy when taking into account its purchasing power parity.

"The pace and, above all, the quality of growth allow us to affirm that we will take another step in the near future and become one of the four economic powers in the world," Putin stated, recalling that the population is a factor that will allow higher levels of growth to be achieved.

“In 2030, the country will have 8.3 million citizens between 20 and 24 years old. In 2035, there will be 9.7 million in this age range, that is, 2.4 million more young people than today,” he said and emphasized that Russian development depends on maintaining qualified personnel.

“We are making the dreams of the current generations come true. Tomorrow, we will have to help the new ones,” Putin said, linking Russia's national well-being to the success of the education of young people and the altruistic work of teachers.

"That is the most important guarantee for Russia's sovereignty and the continuation of our history," he stressed and announced the launch of new projects to maintain a demographic profile adequate for economic development.

Among them are projects to improve the life expectancy and quality of life of families with children, support the birth rate, and strengthen the education of young Russians. To achieve this last goal, Russia will invest 4 billion euros to create 40 university campuses by 2030.

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