Russian President Vladimir Putin, speaking at the St. Petersburg International Economic Forum (SPIEF), declared that Russia is setting its sights on joining the top 5 largest economies in the world. Putin noted that this feat is sought for accomplishment within the next 6 years or so and that it is projected to occur through increasing consumer and investment demand.
Trend News Agency reports:
The Russian authorities will continue efforts to ensure a sustainable growth of the Russian economy aiming to join the list of Top-5 global economies, Russian President Vladimir Putin said Friday.
“I think you will agree that we have restored our growth, this is an obvious fact, and reduced the sensitivity to the fluctuations on the global markets,” Putin said at a meeting with heads of foreign companies in the framework of the St. Petersburg International Economic Forum (SPIEF).
The president stressed that for the next six years Russia will pursue the goal of gaining a foothold in the group of five largest economies of the world.
“We set ourselves the task of gaining a foothold in this group of five, and I am certain that we will accomplish this. We are planning to do this through the expansion of domestic consumer and investment demand, among other measures,” the president added.
Putin also assured the foreign businessmen that the Russian government conducts a wise and responsible budgetary policy.
The Russian economy has grown by leaps and bounds since Putin’s first term as the president of the Russian Federation, and is poised to continue this growth by increasing Russia’s market access to investors, additionally citing the economic policies implemented by the Russian the government to responsibly foster this development.
Also at the SPIEF 2018, heads of state from multiple nations and investors and participants from over 100 nations were gathered together to explore ways to participate in Russia’s economic growth, secure investment opportunities, and increase their market share. French President Emmanuel Macron was a guest of honor at the event, and several agreements were secured, each worth billions.
Recently, Russia and the EurAsian Economic Union held a summit in Astana, where a free trade agreement was struck with Iran, and an economic cooperation agreement signed with China in a bid to increase market access and trade between the countries and the EAEU’s member nations.