Russian President said Vladimir Putin His country is now Europe's largest economy, despite pressure from all sides, suggesting the Russian economy could grow by more than the 3.5% forecast by the end of 2023.
Putin made the statement Thursday while commenting on Russia's economic performance while meeting with businessmen in the Russian Far Eastern city of Khabarovsk.
The Russian president expressed confidence that the Russian central bank will lower interest rates over time, which currently stands at 16%. He added, “I believe the current interest rates are temporary and will change when inflation-related issues are resolved. The bank's move is generally to combat inflation and I believe we will achieve that goal.”
Putin pointed out that foreign countries were putting pressure on Russia, saying: “They seem to be trying to strangle us from all sides, and we are under pressure. However, we are the largest economy in Europe. We have left Germany behind and risen to the top of the world fifth place”, after the United States, China, Japan and India.
He said Russia's purchasing power index leads Europe as a whole, while continuing efforts to increase its per capita share of national income.
On February 24, 2022, Russia launched military operations in Ukraine. Subsequently, Western countries reacted angrily and imposed “severe” economic and financial sanctions on Moscow.