Putin preps Russia for slow economy as it fights inflation

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Vladimir Putin is preparing the public in Russia for an economic slowdown in 2025, with growth dropping down to 1.9% in the first months of the year. Inflation remains high at over 10%, and the Russian head of state emphasized the need to tame prices while ensuring a “soft landing” for the country’s economy. Russia to see smaller economic growth this year, Putin admits Russian President Vladimir Putin has acknowledged the ongoing slowdown in the Russian economy that’s likely to continue throughout the year, presenting it as a foreseen and even wanted development in the light of Moscow’s attempts to calm down inflation. During a meeting devoted to economic issues, Putin noted that Russia’s gross domestic product (GDP) grew by 1.9% year-on-year in January and February while highlighting that a more significant growth was registered in the manufacturing sector. “As you know, the Government, the Central Bank, and experts agree that this year the dynamics of the gross domestic product will be slightly lower than last year. In fact, we talked about this, and this is what we were striving for,” the Russian leader stated, according to a press release on the Kremlin’s website. For comparison, Russia’s GDP increased by 4.5% year-on-year in Q4 of 2024, according to official data quoted by Trading Economics. The statistics website pointed out that this growth rate, fueled by war-related spending that has been overheating the Russian economy, marked the fastest expansion in three quarters. “We talked about the so-called ‘soft landing’ to a certain extent, in order to maintain macroeconomic indicators and, above all, to combat inflation,” Putin reminded government officials participating in the meeting. “Inflation is still at high levels – more than 10%,” he admitted, stressing: “As I have already said, it is important to achieve a sustainable slowdown in price…