Russian President Vladimir Putin gives a speech at a plenary session of the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 16, 2023.
President Vladimir Putin on Friday cited positive data points to laud Russia's economic health and said surging defense spending was needed to boost national security, as Moscow grapples with the cost of fighting in Ukraine.
Analysts and data, however, suggest that slumping energy revenues and soaring military spending have played a key role.
"I should say that on the whole this justifies itself from an economic point of view," Putin added.
The central bank has repeatedly warned that a labor shortage is exacerbating inflationary risks, and analysts have named it one of the most significant drags on Russia's economic progress.
Persons:
Vladimir Putin, laud, Putin
Organizations:
Saint Petersburg, Economic, St Petersburg, Monetary Fund
Locations:
Saint Petersburg, Moscow, Ukraine