Putin confident about Russia's GDP growth; Moscow applies 'special flexible tools' with friendly countries

Russian President Vladimir Putin said that the country's gross domestic product (GDP) is expected to grow by 3.5% by the end of 2023 and GDP will also increase in other countries in the Eurasian Economic Union (EAEU).

Tổng thống Nga Vladimir Putin tham dự cuộc họp Hội đồng kinh tế Á-Âu tối cao tại St. Petersburg, Nga, ngày 25/12.

Russian President Vladimir Putin attends a meeting of the Supreme Eurasian Economic Council in St. Petersburg, Russia, December 25.

At the meeting of the Supreme Eurasian Economic Council, held in St. Petersburg, President Putin stated: "This year, all EAEU member states reported stable economic growth. In Russia, in the first three quarters of the year, GDP increased by 3% and by the end of the year, this figure is expected to be 3.5%."

Besides, Mr. Putin commented that "there was a significant increase in GDP in other EAEU countries".

Based on the available information, the Russian President said that GDP growth in Armenia was more than 9% in the first nine months of this year, more than 5% in Kazakhstan, more than 4% in Kyrgyzstan and 3.5% in Belarus.

In addition, the leader also stressed that the alliance's ties continue to develop positively and successfully in all important areas, despite difficulties caused by the international situation.

In another development, on December 25, President Putin signed a law allowing the government to temporarily reduce or completely eliminate export taxes on certain goods to friendly countries for up to six months.

The Russian government may also temporarily reduce or cancel export duties on a certain amount of products for a period of no more than one year.

When the measure was first introduced in August this year, Russian Prime Minister Mikhail Mishustin said the law was aimed at increasing Russian exports to friendly countries.

“To encourage the growth of supplies of grain, fertilizers and raw materials to friendly countries, the government proposes to introduce a special flexible instrument, namely tax incentives,” Mr. Mishustin said.

“This measure will help Russian businesses cope with external restrictions and cope with rising transportation costs, which push up export prices of their products due to changes in transportation routes,” Prime Minister Mishutin stressed.

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