The president has praised the country’s economic performance in his annual address

The Russian economy has shown strength and stability in the face of outside pressure, with GDP expected to reach 3.5% this year, President Vladimir Putin stated on Thursday.

According to Putin, who is holding his annual press conference in Moscow, the economy has recovered from last year’s decline and is moving forward.

There are challenges still facing the Russian economy, according to the president, with inflation expected to accelerate to 8% by the end of the year. “But the central bank and the government are taking measures to return it to target levels,” Putin stated.

The president noted the confident growth of industrial production, at 3.6%. “What is particularly pleasing is that the manufacturing industry is growing,” he said.

According to Putin, Russia’s external public debt has decreased from $46 billion to $32 billion. Private companies are also paying off their debts on time, he added.

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