Vladimir Putin: Russia Becoming 'New Global Growth Center' Despite Western Isolation

By Jace Dela Cruz

Dec 08, 2023 03:25 AM EST

Russian President Vladimir Putin has asserted that the economic isolation Russia faces due to international sanctions is even helping the country to transform into a "growth center" in a "new global economy."

Speaking at the Russia Calling business forum in Moscow on Thursday, Putin emphasized the role of sovereignty in achieving economic success, reiterating his earlier statements that sanctions had compelled Russia to achieve economic self-sufficiency, according to CNBC

(Photo : GAVRIIL GRIGOROV/POOL/AFP via Getty Images)
TOPSHOT - This pool photograph distributed by Russian state owned agency Sputnik shows Russia's President Vladimir Putin overseeing a training exercise of the forces and equipment of ground, sea and air components of nuclear deterrent forces via a video link in Moscow on October 25, 2023.

Vladimir Putin Claims Russia Is Doing Well Economically

Vladimir Putin has portrayed the current global landscape as marked by significant changes and challenges not only for specific industries but also for countries and regions across the world. 

He noted that only a robust, stable, and sovereign nation could successfully navigate this phase and become one of the growth centers in the evolving global economy.

In remarks translated by Reuters, Putin accused the West of destroying its financial system, asserting that it is becoming obsolete due to a prolonged reliance on monopolies, exclusivity, a lack of alternatives, and resistance to change. 

"It has been resting on its laurels, for so long becoming accustomed to monopolies and exclusivity... that it is becoming archaic," Putin said.

READ ALSO: EU Military Spending Hits Record High of €240 Billion Following Russia's Invasion of Ukraine

Vladimir Putin on GDP Growth of Russia

Vladimir Putin also said that Russia is expected to see a 3.5% growth in its gross domestic product (GDP) in 2023, recovering from a 2.1% contraction in 2022. 

With the country's ability to rebound and grow in the face of adversity, he claimed that the current GDP is "higher than it was before the Western sanctions attack." 

The Russian president's comments at the business forum reflected his perspective on Russia's economic trajectory amid geopolitical tensions and sanctions imposed by Western nations. 

By positioning Russia as a growth center, Putin sought to portray the country's ability to adapt and thrive despite its isolation from Western financial systems. 

The assertion of GDP growth and economic resilience indicated Russia's ability to overcome external challenges and continue its economic development. 

As evidence of the solidity of Russia, Putin noted that the state budget deficit had declined further in November, decreasing to $9.51 billion or 0.5% of GDP in this year's first 11 months, down from $13.4 billion a month earlier.

READ MORE: Germany's Unemployment Rate Rises to Highest Since 2021

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