Russia elections in March, Putin labels West financial system outdated

By Al Mayadeen English
Source: Agencies
7 Dec 2023 17:45

The Russian president praises the country's economy despite Western sanctions that he stresses were an opportunity for Russia.

Russian President Vladimir Putin during a meeting in the Kremlin, Moscow, Russia in 2023 (AFP)

The upper chamber of Russia's legislative body officially resolved on Thursday to hold the nation's presidential election on March 17, 2024.

The resolution was passed with the stipulation that it would come into force on the date of its official publication.

Amidst these proceedings, Dmitry Peskov, spokesperson for the Kremlin, acknowledged that there have been no declarations from President Vladimir Putin regarding his potential involvement in the forthcoming election.

He further emphasized the premature nature of any discussions surrounding expectations for the election, including voter turnout, candidate participation, and vote percentages.

Russian central to ongoing global shift

In a statement made on Thursday, Putin presented a perspective of Russia emerging as a new hub of growth amidst significant global changes, pointing out that the country's economic disengagement from the West has been advantageous as the latter fell behind.

Despite facing extensive sanctions from Western nations since the start of the war in Ukraine in early 2022, Russia's export-driven economy has demonstrated a resilience that surpassed the expectations of both Moscow and its international adversaries.

Addressing the Russia Calling business forum in Moscow, Putin announced an anticipated growth of 3.5 percent in the country's gross domestic product (GDP) for the current year, a rebound from a 2.1 percent contraction in 2022.

"Today, GDP is already higher than it was before the Western sanctions attack," He highlighted.

Pillar to the emerging global economy

In his critique of the West, Putin underscored the robustness of the Russian economy and state finances, portraying Western sanctions as ineffective.

He remarked on the global shift, saying, "The world has entered an era of radical changes and serious tests not only for specific companies and sectors but also for whole countries and regions of the world."

Putin also emphasized that "only a strong, stable and, I stress, the sovereign country will be able to pass this phase successfully, to become one of the growth centers of the new global economy."

Obsolete financial system

Noting the Western financial system as becoming technologically outdated, the Russian president said: "It has been resting on its laurels, for so long becoming accustomed to monopolies and exclusivity, to the lack of real alternatives, to the habit of changing nothing, that it is becoming archaic."

Highlighting Russia's financial stability, President Vladimir Putin pointed out that the country's state budget deficit had decreased even more in November. It reduced to 878 billion roubles (equivalent to $9.51 billion), or 0.5 percent of GDP, in the initial eleven months of the year. This figure represents a decline from the previous month's deficit of 1.24 trillion roubles.