President Putin boasts about Russia’s economy

St. Petersburg: President Vladimir Putin on Friday hailed Russia’s economic outlook, saying it has managed to curb inflation and ease its reliance on energy exports.

His optimistic account in a speech at the St. Petersburg International Economic Forum contrasted with sombre statements by some members of his government who warned at the same conference that Russia could face a recession. Economic Minister Maxim Reshetnikov had said Thursday that the country is “on the brink of going into a recession.”

Putin mentioned the recession warnings, but emphasized that “it mustn’t be allowed.” He pointed out that manufacturing industries have posted steady growth, allowing the country to reduce its reliance on oil and gas exports.

“The perception of Russian economy as based on raw materials and dependent on hydrocarbons exports have clearly become outdated,” Putin said, adding that the economy grew by 1.5 per cent in the first four months of 2025 and inflation has dropped from double digits to 9.6 per cent.