Russian President Vladimir Putin said that the country’s economy should grow faster than the global average, while stressing the importance of maintaining financial stability and continuing measures to control inflation.
Putin made the remarks during a government meeting on economic issues on Monday, September 15, reported Russian news agency TASS.
Putin said that the stability of public finances, the fulfilment of planned projects and the implementation of national programmes directly depend on the performance of the domestic economy.
“It is obvious that the stability of public finances, the implementation of planned projects and programs directly depend on the state of affairs in the Russian economy. And here we have set the main goal, namely, to ensure the growth rates necessary for this,” Putin said, as per TASS.
He added that the Russian economy should “strive to outpace its dynamics (of the global economy) by revealing its own potential of industries, regions and territories, developing ties with foreign partners, through the widespread introduction of advanced technologies, and mastering new promising areas of the modern economy.”
Russian inflation control and results
Putin also noted that government policies aimed at reducing inflation were beginning to take effect.
Citing data from the Economic Development Ministry, he highlighted that Russia’s GDP rose by 0.4% in July and 1.1% over the first seven months of 2025.
“If in July the growth of consumer prices was 8.8%, then in August – 8.1%. And now the trajectory of inflation reduction is below the forecasts of the government and the Bank of Russia. In other words, efforts to reduce inflation are yielding results,” Putin was quoted as saying by TASS.
News agency Reuters reported that Putin acknowledged the progress but also raised concerns over slowing economic momentum. Russia’s GDP expanded by 4.3% in 2024, in comparison to 1.1% growth in the first of this year.
“The question is, is that enough? Is this what we wanted? Are we managing to solve the task we set for ourselves? Or do we need other measures and higher growth rates, naturally while ensuring macroeconomic and inflationary stability given the central bank’s prudent policy?” Putin asked, as per Reuters.
Russian, Indian economies dead: Trump
Putin’s remarks come as US President Donald Trump had recently said that Russia’s economy is “dead.” Trump had also criticised India for buying Russian oil citing that the move helps Russia to fuel its war with Ukraine. He had said that both Russia and India “would go down together”.
“I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India — their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together. Let’s keep it that way,” Trump wrote on his Truth Social platform on July 31.
The Russian economy’s figures also hold importance as the US and its ally European Union (EU) plan additional sanctions package to be imposed on Russia, citing that Putin is not negotiating the end of the war.