Russian Real Incomes Surge by 28%, Salaries Up by Quarter - Putin

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Russian President Vladimir Putin, speaking at the St. Pyotrsburg International Economic Forum, told leaders of major international news agencies that the Russian economy is gradually returning to its planned growth trajectory despite ongoing macroeconomic challenges, according to TASS.

Putin highlighted that one of the key achievements of recent years has been a noticeable improvement in living standards. He noted that real incomes of citizens continue to grow at a rapid pace, with real wages increasing by approximately 25%.

The President also pointed to positive trends in the social sphere. According to his data, the poverty rate in the country has dropped to 6.7%, allowing the government to meet its previously set goal ahead of schedule.

Discussing the actions of financial authorities, Putin stressed that the Central Bank of Russia (CBR) had to take several tough measures to stabilize the economic situation. He assessed that these steps are already proving effective and contributing to the recovery of the economy.

Putin identified inflation as the main macroeconomic challenge. However, he noted that the regulator is taking necessary steps to contain it and gradually return to target levels.

Putin mentioned that he regularly observes debates between the economic bloc of the government and the leadership of the Central Bank regarding monetary policy, including the key interest rate. According to him, such disputes are a natural part of the process of making economic decisions.

The Russian leader emphasized that the authorities deliberately took measures to cool down the economy in order to prevent the spiral of inflation and the emergence of hyperinflation. He noted that such risks have already materialized in some countries where price growth reached extremely high levels.

Summing up, Putin stated that industrial production in Russia continues to grow, and the increase in household incomes indicates the resilience of the economy and its ability to adapt to external and internal challenges.