Putin Rejects Russian Economic Collapse Predictions — Highlights Active BRICS, SCO Cooperation
Russian President Vladimir Putin says Russia is actively cooperating with main worldwide organizations, together with the BRICS group, the Shanghai Cooperation Organization (SCO), the Association of Southeast Asian Nations (ASEAN), the Gulf Cooperation Council (GCC), and multilateral organizations in Latin America and Africa. Putin additionally rejected predictions concerning the “total collapse” of the Russian financial system.
Russia ‘Actively’ Cooperating With BRICS, SCO, ASEAN
Russian President Vladimir Putin spoke on the plenary session of the Eurasian Economic Forum on Wednesday. Among the matters he mentioned have been the state of Russia’s financial system, the results of Western sanctions, and cooperation with main worldwide organizations, together with the BRICS bloc and the Shanghai Cooperation Organization (SCO). The BRICS group contains Brazil, Russia, India, China, and South Africa.
“I consider the theme of the forum ‘Eurasian integration in a multipolar world,’” Putin described the annual discussion board of the Eurasian Economic Union (EAEU). The Russian president stated:
We see that basically profound, basic adjustments are happening within the international enviornment. More and extra states are taking a course in direction of strengthening nationwide sovereignty, pursuing impartial home and overseas insurance policies, and adhering to their very own improvement mannequin.
Noting that these nations assist the creation of a brand new, extra simply worldwide financial order, Putin detailed that they’re dedicated to constructively influencing international affairs and increasing the community of partnerships which can be based mostly on “mutual benefit, respect and consideration of each other’s interests.”
He added that nations that don’t suppose and act this fashion are solely exacerbating the downward development of their very own improvement, stating that they’re taking pictures themselves within the foot. Emphasizing the significance of solidarity amongst nations globally, Putin stated:
We actively cooperate with main worldwide associations resembling BRICS, the Shanghai Cooperation Organization [SCO], the Association of Southeast Asian Nations [ASEAN], the Gulf Cooperation Council [GCC], and multilateral organizations in Latin America and Africa.
Putin Insists Russian Economy Will Not Collapse
Putin additionally mentioned predictions concerning the potential collapse of the Russian financial system. The Wall Street Journal, for instance, printed an article in March claiming that “Russia’s economy is starting to come undone.”
The Russian chief opined: “The numbers speak for themselves: despite the large-scale crisis in the global economy and trade, considerable geopolitical risks and uncertainties, the total GDP of the Eurasian Union states for 2022 decreased, but decreased by 1.6 percent.” He added that some experts “predicted a completely different scenario, a collapse scenario.” Putin harassed:
Nothing like that is occurring and has not occurred and clearly won’t occur once more.
“Let me remind you that both our experts and international experts for Russia already show GDP growth. At first, they talked about 0.7 percent. Let me remind you that in the leading economies of the European Union experts show a minus for the current year. At first, we were talking about plus 0.7%, now they say plus 1.5%, and maybe up to two percent. And that says a lot,” he detailed.
The International Monetary Fund (IMF) raised Russia’s GDP forecast in April to development of 0.7% from 0.3% however lowered its 2024 forecast to 1.3% from 2.1%. The IMF expects labor shortages and the exodus of Western firms to hurt Russia’s financial system.
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