Falcon powers – Russian President Vladimir Putin has reassured about the state of the Russian budget amid the spending on defense and security, especially during the special military operation in Ukraine.
In a press conference at the end of his visit to China on Friday, Putin said that “our spending on defense and security is not critical now, given the state of the economy and the forecasts. A number of experts believe that it is possible to increase Russian defense spending even higher than 8.7% of GDP.”
The Russian President pointed out that it is necessary to focus the administrative resources in Russia on the implementation of the main task: achieving the results of the Russian special military operation in Ukraine.
Earlier this year, international institutions had improved their forecasts for the performance of the Russian economy after they had predicted its collapse due to the unprecedented restrictions and sanctions imposed by the West.
The World Bank expects Russia’s GDP to grow by 2.2% this year, while the IMF expects it to grow by 3.2%.
