June 6, 2023
Putin asked Reshetnikov to talk about consumer demand.  Photo: Mikhail Klimentiev / TASS

Putin asked Reshetnikov to talk about consumer demand. Photo: Mikhail Klimentiev / TASS


Vladimir Putin invited Economy Minister Maxim Reshetnikov to his Kremlin office to give a report on how the economy is doing. The West claims that Russia is about to be on its knees. How about really?

– I would like to hear more precise estimates from you, – the president immediately asked.

– Our economy demonstrates resistance to external shocks, – Reshetnikov praised his sphere. – It was also in covid, we “fell” less than others, and got up faster. And many countries dispersed inflation …

“They prefer not to talk about it now,” Putin said. – I look at Western analytics – it is completely hushed up.

“They will inevitably have to pay for this,” the minister made a formidable forecast. And he cited a fact – now, according to data for March, inflation is only 3.5%.

Putin looked at the sheet of charts.

– I see, in Germany – 7.4, in France – 5.7, in the USA – 5, – he listed.

– And in April it will still decrease – to 2.6%, – the minister continued.

The President took another sheet with a schedule:

– I look at the national debt. In the US, it is 121.7% of GDP. Eurozone – 90.9, Germany – 66.5, France – 111.1. And we have a good indicator – 14.9%.

“This is our “reserve” of stability,” Reshetnikov confirmed. – Therefore, I think that at the end of the year we will be among the leaders in economic growth. Our forecast is 1.2%.

– God forbid, – Putin moved to the third schedule. – The IMF puts the eurozone – 0.8% (growth. – Ed.)?

– Fewer of us.

– And Germany goes into the red? Putin was surprised.

– Yes. This is inevitable,” the minister said with such conviction, as if he were talking about the inevitability of a world revolution. – Such a sharp violent rejection of our energy carriers undermines the competitiveness of many industries in Europe. And as a result, European consumers cannot but pay for this.


But in more detail, Putin asked Reshetnikov to talk about consumer demand. What about the purchasing power of the people?

– We are laying the growth of real incomes of the population by almost 4%, – the minister reported. – And the growth of wages, we think, the growth will be at least 5.4% in real terms (minus inflation. – Ed.). In January-February, in nominal value (excluding inflation. – Ed.) It was plus 13%, very good rates.

Reshetnikov recalled that from January 1 next year there will also be a cardinal increase in the minimum wage – immediately by 18%.

– By 18.5, – Putin corrected the minister, who lost half a percent.

“Yes, exactly,” he agreed. – This will greatly spur growth in the most low-income groups of the population, which show demand for domestic goods.

This is a completely new reality that is changing the quality of our economy. Our “industry” (industry. – Ed.) is going very well. In reality, import substitution has begun … A lot of Russian equipment has appeared, which was not there before.

Because it was easier to buy. And now it is necessary to produce, – Putin nodded.

“And here, nearby, everything turned out to be cheaper,” Reshetnikov continued the report on the realities of the Russian economy.

– Yes, and the quality is often even higher. We have good hands, it turns out, we have,” the president smiled.


And at the end of the meeting, the conversation turned to the greenhouse business in the North Caucasus.

– There is a really good economic recovery in the Caucasus, – said Reshetnikov. – And the growth figures, finally, began to outpace the all-Russian ones.

“It’s needed there,” Putin approved. – The backlog was big.

– The law enforcement system has done a good job, – the minister issued a Caucasian business secret. – The business climate has changed completely. People believed in themselves.

“There’s a lot more to be done,” the president summed up.

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