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World News See other World News Articles Title: Putin: Using the dollar as a global currency has brought the US an unearned $10 trillion over 10 years. IN BRIEF: Putin’s main statements at Russia Calling! forum Over the past 2-3 years, the Russian economy has fundamentally change, the Russian leader noted MOSCOW, December 4. /TASS/. Western countries have failed in their attempt to inflict a strategic defeat against Russia, including on the economic front, President Vladimir Putin said at the 15th VTB Russia Calling! Investment Forum. The Russian leader also commented on the threats made by US President- elect Donald Trump to impose a 100% duty on goods from BRICS countries, noting that a lot has changed in the four years Trump has been out of office, and the dollar is not as reliable as it once was. TASS has assembled the key statements made by the head of state. On failure of Western countries' plans Western countries have proven themselves to be unreliable partners: "A lot of logistics chains and operational ties that had been developed over decades were jeopardized or even destroyed." They wanted to inflict a strategic defeat on Russia, in the economy too, but were unsuccessful: "These plans have clearly failed," Putin said. On Trump's threats and the dollar As for US President-elect Donald Trump threatening to introduce 100% duties on goods from BRICS countries, Putin noted that the dollar took a big hit after Trump left office four years ago: "His successors, his political opponents have done a lot to undermine the foundations of the dollar as a global reserve currency." Using the dollar as a global currency has brought the US a large amount of unearned money - about $10 trillion over 10 years. Russia has never rejected the dollar: "Did we actually reject it? Rather, we were denied the use of it, and as we say here - you reap what you sow. What happened was that the dollar itself suffered," Putin said. On Western companies’ leaving Russia Russia did not expel Western businesses, "despite political pressure, many partners, including from Western Europe and the United States, have not left the Russian market." Russian brands swooped in after the departure of Western companies and occupied "numerous niches." The current difficulties in the European economy are the result of anti- Russian policies, marked by their losing the ability "to consistently receive Russian energy resources at reasonable prices." Russia will not create special conditions to get foreign companies to come back, but in general "the door is open." By prohibiting European investors from working with Russia, the Americans are not acting "very ally-like" towards Europe. On multipolarity The "arrogance and snobbery" of Western politicians are pushing the world toward multipolarity. Russia has been gradually pivoting towards the Global South and East since the early 2000s. This is nothing new. On Russian assets The US and Europe have not yet "taken the final step" and stolen Russia's gold and foreign exchange reserves: "They blocked them, but have not yet stolen this money from us completely." International reserves have proven to be unreliable. It is better to invest in technology, education, and science. On inflation Putin called on the government to contain inflation as it is still "at a fairly high level." The best way to fight inflation is to increase the supply of goods and services. The authorities need to reach into their economic toolkit to combat inflation, and choose the right instruments, making sure to prevent income gaps widening among citizens or reducing the revenue base of Russian regions. On national economy Over the past 2-3 years, the Russian economy has fundamentally changed. "After a difficult period, the Russian economy has fully recovered, even amid sweeping structural changes," Putin said, adding that Russia's GDP for January-October 2024 grew by 4.1%. "Moreover, the growth is mostly due to the manufacturing industry, in sectors with high added value," he said. On investments and stock market Real investment in Russia should grow by 60% by 2030 compared to 2020. "Considering all the difficulties, investments in fixed capital by Russian businesses have grown for a third year in a row, despite all the problems that we are experiencing or that they are trying to create for us from the outside," Putin said. There is a general consensus within BRICS that the association should develop its own investment platform. Russia invites investment from friendly countries: "As I’ve repeatedly stated, Russia is part of the global economy, and we do welcome incoming capital flows," the Russian leader said. The capitalization of the Russian stock market by the end of the current decade "should approximately double and amount to two-thirds of the gross domestic product." On unemployment The unemployment rate in Russia now stands at 2.3%, a record low. Young people are also filling jobs with gusto: "The unemployment rate there is below 9%." On budget From January to October 2024, the surplus of Russia’s consolidated budget and extra-budgetary funds amounted to about 2.5 trillion rubles ($23.9 bln), while expenses amounted to less than 35% of GDP, which corresponds to the level of 2021. The authorities will start making calculations in the federal budget system using the digital ruble starting next year. Post Comment Private Reply Ignore Thread
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