Global changes driving Russian economic development – Putin

The Russian economy has been performing well and developing new competencies despite the challenges of the changing world order, President Vladimir Putin stated on Thursday.

According to the head of state, the structure of the Russian economy is changing as it becomes more sovereign and independent in every sense of the word.

“Our energy sector has increased by 3%. Overall, processing production accounts for 43% of the economic growth structure. This has never happened in the recent history of Russia,” Putin said.

He also noted that the country, which used to be a net food importer, has succeeded in becoming a major exporter globally. Russia will keep strengthening its position and is expected to supply about 60 million tons of wheat to global food markets this year.

“We see positive changes, and taking into account the current international world order, they encourage the Russian economy to acquire new competencies, and we are succeeding in that,” the president concluded.

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