The West will not stop us. Putin expects continued strong growth in Russia’s economy despite sanctions

Russian President Vladimir Putin. Photo: Reuters

Russian President Vladimir Putin expects continued strong economic growth despite Western sanctions. It remains to be seen what will happen in the first half of the year, Putin was quoted as saying on Friday by the Russian news agency Interfax, adding that the country’s gross domestic product will probably grow by around 5%, according to Interfax.

Last year, Russia’s gross domestic product grew 3.6 percent and Putin said Western sanctions had failed to slow the economy.

According to Russian statistics service, the economy grew by 5.4% in the first quarter, but foreign experts attribute this mainly to a sharp increase in government armaments and military spending.

At the same time, payments to members of the armed forces and compensation for wounded or surviving soldiers have provided more money to many Russian families, while wages have risen due to labor shortages.

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