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Speaking at the St. Petersburg International Economic Forum, Vladimir Putin addressed both Russia's economic performance and the ongoing conflict with Ukraine.
Economic Indicators Putin reported that Russia's GDP has grown over 4% annually for the last two years, exceeding worldwide averages. The non-oil and gas sectors expanded by 7.2% in 2023 and 4.9% this year. He emphasized that raw materials no longer dominate Russia's economic growth patterns.
For the initial four months of 2024, Russia's GDP showed 1.5% year-on-year growth. Inflation has decreased to 9.6% annually, dipping below the 10% threshold. Employment figures have risen by 2.4 million workers, with overall unemployment hitting a record low of 2.3%. Youth unemployment stands at 7.5%, ranking among the world's lowest rates.
Putin highlighted a historic poverty reduction to 7.2% by late 2023, with a new target of 5%. However, he acknowledged that wage levels remain inadequate, stressing the need for workforce skill development to boost incomes.
Ukraine Conflict Remarks During the forum, Putin reiterated his position: "I've repeatedly stated that Russians and Ukrainians are essentially one people. From this perspective, all of Ukraine belongs to us."