Putin addressed the state of the financial sector, noting that the volume of bank lending is accelerating despite recent increases in the key interest rate
MOSCOW: In a recent meeting addressing national economic issues, Russian President Vladimir Putin condemned the practice of making “empty promises” in national projects, emphasizing that tangible results and practical benefits to citizens are paramount. The president’s remarks came against the backdrop of significant economic achievements reported for the first half of 2024.
Putin highlighted that Russia has achieved record-low unemployment, with the rate hitting an unprecedented 2.4 percent in June. This milestone reflects a robust job market and the effectiveness of recent economic policies. Additionally, real wage growth for January to May 2024 has reached 10.1 percent, marking a substantial increase in workers’ purchasing power. The Russian economy is also demonstrating strong growth, with the Gross Domestic Product (GDP) expanding by 4.6 percent in the first half of the year. This growth underscores the resilience and dynamic nature of the Russian economic landscape, despite global uncertainties.
The president criticized the practice of “ticking boxes” on national projects without achieving substantial progress. He stressed that mere promises are insufficient if they do not result in real, positive changes in people’s lives. Putin’s focus is on ensuring that national projects deliver measurable benefits and drive tangible improvements for Russian citizens. Putin addressed the state of the financial sector, noting that the volume of bank lending is accelerating despite recent increases in the key interest rate. He cautioned against potential negative consequences of rapid financial sector growth, underscoring the importance of balanced and sustainable development.
The president called for a continued emphasis on controlling inflation through increased supply of goods and services. He urged both the Government and the Central Bank of Russia to enhance the effectiveness of their coordinated efforts to manage inflation. Additionally, Putin highlighted the need to support business investments in modernization, new production facilities, job creation, and personnel training. President Putin’s comments reflect a commitment to ensuring that national projects and economic policies produce real, positive outcomes for the Russian people.
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