Russia’s development strategy chosen last year worked – Kommersant

Russian President Vladimir Putin, during his speech at the plenary session of the St. Petersburg International Forum (SPIEF), said that the economic development strategy chosen by the country’s authorities had worked. He noted that the country’s leadership refused to move to a command-administrative model of the economy, and decided to expand the freedom of entrepreneurial activity and market mechanisms.

“Last year, the whole fabric of economic and business life was redrawn. But today we can confidently say that the strategy chosen by the state and business has worked. GDP grew in the second quarter of 2023 by 3.3% in annual terms. Note the dynamics of non-oil and gas revenues. In January-May they grew by 9.1%, which is much higher than expected. At the same time, in May the rate was +28.5%,” the head of state noted.

According to him, the expenditures and revenues of the state budget of the country allow the state to fulfill all its social obligations. “Now Russia’s financial capabilities allow us to keep the course towards reducing poverty and inequality. The growth in real incomes of citizens is still modest, but this trend should intensify this year,” he added.

The SPIEF plenary session is being held with the participation of the President of Algeria, Abdelmajid Tebboune, moderated by the American journalist and political scientist Dmitry Simes. “President Putin is universally regarded as a historical figure whose decisions have a huge impact on the fate of Russia and, more broadly, on the future of all mankind,” he said, introducing the Russian president.