How the new model of Russia’s development presented by Putin will work

The economy of supply, high wages and technology – this is how President Vladimir Putin sees a new model for the country’s development, a detailed description of which he presented at SPIEF 2023. Experts saw in his speech reminiscences of non-traditional economic theories, and also drew attention to the fact that it will not be possible to create a supply-side economy without a stable currency.

Russian President Vladimir Putin, in an almost one and a half hour speech at the St. Petersburg International Economic Forum (SPIEF) in 2023, presented a new concept for the development of a country with a sovereign economy. In his speeches at the SPIEF, Putin traditionally speaks about the achievements and changes in economic policy, but this time the president did not so much set the accents and identified priorities, as he brought the theoretical and methodological basis under the announced model. Putin answered the fundamental question: how and how the new Russian economy, the supply-side economy, will be built. Vedomosti, together with experts, analyzed the president’s program.