Russian President Vladimir Putin said Thursday that the Russian economy is developing positively with a stable labor market, lower inflation, and higher wages.
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Putin's remarks came on the occasion of the plenary session of the Russian Union of Industrialists and Entrepreneurs (RSPP) Congress in Moscow. According to the President, the country's GDP is expected to grow from the second quarter of this year.
Russia's foreign trade grew by more than 8 percent in 2022, with the trade surplus reaching 332 billion dollars, Putin said, noting that by the end of March inflation could be below 4 percent a year. "As of March 13, inflation is 7.6 percent," the Russian President said.
Retail trade growth in April will reach 5 percent, Putin added. "It is based on the stability of our labor market, on the increase in wages and incomes of citizens, as well as on the decline in inflation."
The positive development of the Russian economy comes despite constant predictions from Western countries about "the imminent collapse of the Russian economy," the President said.
Putin said that "a year ago, Western governments twisted the arm of their companies, forcing some of them, many of them, to leave the Russian market."
In this regard, the President referred to the country's ability to circumvent the lack of access to the Western market and avoid what "foreign analysts predicted a depression and a decline in the consumer sector."