Putin: Russia’s economy surpasses Japan, Germany
Russia’s economy has already overtaken Japan and Germany, but it needs to sustain this growth going forward, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).
Putin: Russia’s economy surpasses Japan, Germany
The Economics of Geography

Putin: Russia’s economy surpasses Japan, Germany

Photo: Anton Vaganov/AFP
Eurasia 09/06/2024 14:38

Russia’s economy has already overtaken Japan and Germany, but it needs to sustain this growth going forward, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"We have set a goal to enter the top four largest economies in the world. By the way, according to some data, including World Bank estimates, just last week the World Bank made additional calculations and put Russia in fourth place. We found ourselves ahead of Japan. Russia ranks fourth in terms of GDP in terms of purchasing power parity, as I said, ahead of Japan," Russian President Vladimir Putin pointed out at the St. Petersburg International Economic Forum (SPIEF).

Putin stressed that it is important for Russia to ensure consistently high rates and quality of growth in the long term.

"This is our task today. And the point is not only in the economies of Germany or Japan that are next to us on the scale, the point is that other countries are not standing still. Indonesia is on everyone’s heels. The population is growing, the economy is developing. We must never forget about this," Putin noted according to TASS.

Putin also discussed the global economy within the context of a new multipolar world order and outlined the necessary changes for the Russian economy to become more resilient. "The global economy has entered an era of serious, fundamental changes. A multipolar world is being formed with new centers of growth, new investment and financial ties between states and companies," he underlined.

"The Russian economy is able to respond to these challenges and is also changing dynamically, gaining greater strength and stability," he noted.

Putin outlined several significant structural changes that will be taking place in the country's economy, one of which concerns changes in Russia's export and import structure. In this context, Russia's primary focus will be on strengthening economic ties with friendly countries, which will shape the future of the global economy, he noted. These countries currently make up three quarters of Russia's trade turnover.

"We will increase the use of national currencies in foreign trade settlements, and improve the safety and efficiency of such operations," the president said, adding that the BRICS countries are currently working on the development of an independent payment system, which will not be subject to external interference.

Putin said that Russia welcomes a further expansion of the BRICS association, and "supports the desire of interested partners on different continents to foster contacts with BRICS."

"We will continue to develop relations within BRICS not only in the field of economics and finance, but also in the field of security, humanitarian cooperation, and other sectors," Putin said, adding that the bloc will take into account global challenges and the rising prospects of national economies.

According to the president, by 2030, the volume of Russia's non-resource, non-energy exports must grow by at least two-thirds in comparison to 2023.

Russia will also focus on the development of transport infrastructure, and will aim to boost shipping capacity on the Arctic Sea Route and the Eastern railways, he said.

#Russia
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