Russia’s economy shows resilience as President Vladimir Putin outlined meaningful growth prospects for 2023 and highlighted gains across the Eurasian Economic Union. Speaking at a major public gathering of leaders, he attributed the expansion to the overall momentum and shared benefits of the union’s projects, stressing that member nations are pursuing common interests with a practical, results‑driven approach. The message underscored that the EAEU is not only about integration on paper but about tangible improvements for people and businesses across all member states.
The president noted that the year had featured stable development among all EAEU members. He cited that Russia’s gross domestic product had already risen by about 3 percent in the first three quarters, with expectations pointing toward a 3.5 percent year end. This trajectory reflects ongoing efficiency gains, improved investment climate, and stronger collaboration within the union framework. The emphasis remained on reciprocity and mutual expansion, with each country benefiting from shared opportunities and coordinated economic policies designed to boost competitiveness on a regional and global scale.
Putin also reiterated that cooperation within the EAEU has been advancing at a robust pace. He described the interaction among member states as dynamic and beneficial to all participants. The focus is on practical collaboration that leverages the union’s collective strengths while respecting the diverse interests of each nation. This approach, he argued, creates a stable platform for development, trade facilitation, and long‑term economic health across the bloc.
During the briefing, Putin highlighted a notable shift in Russia’s external financial position. He reported a significant reduction in foreign debt, noting a move from 46 billion dollars to 32 billion dollars. Central Bank data indicated that the ratio of foreign debt to GDP had dipped below 15 percent for the first time in the year’s second quarter, continuing a downward trend that has persisted for several years. The progression reflects a combination of prudent lending, improved debt management, and a stronger domestic economy, contributing to a more resilient external balance for the country. Earlier figures had shown a gradual decline from 31 percent in 2020 to 26.2 percent at the end of 2021, and 16.6 percent in 2022, with the regulator’s estimates placing the mid‑2023 credit load at about 14.96 percent. These numbers illustrate the government’s ongoing strategy to strengthen fiscal health while pursuing growth across the EAEU region.
Putin also commented on the broader trend for the EAEU GDP, acknowledging a slight dip in growth within the bloc as global trade faced turbulence. The candid assessment underscored the challenges posed by external pressures while reinforcing a commitment to adjusting policies to maintain momentum. He emphasized that the union’s resilience would come from continued diversification, investment in productive capacity, and reinforced cooperation among member economies to navigate rough waters and emerge with stronger, more balanced growth opportunities for all.