Putin downplays threat of recession at Saint Petersburg Forum, points to growth in manufacturing

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Putin downplays threat of recession at Saint Petersburg Forum, points to growth in manufacturing  President Vladimir Putin has downplayed warnings that Russia’s economy is on the brink of a recession, pointing to the steady growth of the country’s manufacturing industries.   READ MORE : http://www.africanews.com/2025/06/20/putin-downplays-threat-of-recession-at-saint-petersburg-forum-points-to-growth-in-manufact  Subscribe on our Dailymotion channel and receive all the latest news from the continent.    Africanews is available in English and French.  Website : www.africanews.com  Facebook : https://www.facebook.com/africanews.channel/  Twitter : https://twitter.com/africanews

Transcript

00:00Speaking at the St. Petersburg International Economic Forum on Friday,

00:05President Vladimir Putin downplayed warnings that Russia's economy is on the brink of a recession,

00:11pointing instead to the steady growth of the country's manufacturing industries.

00:16The perception of the Russian economy as based on raw materials and dependent on hydrocarbon exports

00:23has clearly become outdated.

00:25It's receding into the past, the reality suggests.

00:30Russia takes the fourth place in the world in gross domestic product and the first place in Europe.

00:37Putin said that high defense spending has propelled growth and kept unemployment low,

00:43despite fueling inflation.

00:47I'll reiterate, we will increase the combat capabilities of Russia's armed forces on a new technological basis,

00:54modernize the facilities of military infrastructure,

00:58provide them with the latest weapons and equipment,

01:02which will prove their efficiency and practice on combat conditions.

01:06At the same time, we intend to develop military-technical cooperation with friendly countries.

01:13It's not only the supply or modernization of weapons and equipment,

01:17but also collaborative development training to the creation of enterprises and production capacities

01:22on a turnkey basis.

01:25But over the long-term, inflation and a lack of foreign investment

01:29pose threats to Russia's economy.

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