St. Petersburg International Economic Forum: Vladimir Putin spoke about new paradigms of the world economy

A new paradigm for the world economy

In his opening speech, President Vladimir Putin stressed that the world economy is undergoing a fundamental transformation. According to him, a multipolar order is increasingly gaining ground, where the traditional centres of financial and political power, especially in the West, are gradually losing their dominant position. This trend opens up space for new players from Asia, Africa and Latin America. Russia seeks to be an active co-creator of this new model of the global economy. In particular, Putin highlighted the strategic partnerships with China, India and other Eurasian states and recalled the importance of the BRICS, which he said represented a viable alternative to existing Western institutions. In the same vein, he called for a stronger role for national currencies in international trade and a fairer distribution of global wealth. He cited the growth of mutual trade with Asian countries and planned investment in common infrastructure as examples. For Russia, this means trying to minimise the impact of sanctions and to strengthen its own self-sufficiency and technological independence.

Resilience and growth of the Russian economy

In his speech, Putin described in detail the current state of the Russian economy and highlighted its resilience to external pressures. He recalled that despite extensive sanctions and attempts at international isolation, the Russian economy had maintained stable growth. Last year, GDP growth exceeded three per cent, inflation had been kept under control, the President said, and basic industries - especially energy, agriculture and defence - remained the backbone of economic development. He placed particular emphasis on modernising domestic manufacturing, developing the digital economy and promoting innovation. Putin announced an expansion of state support for small and medium-sized enterprises, which are expected to play a key role in ensuring economic stability and job growth. Investment in infrastructure, the development of transport corridors and projects linking Russian territory with neighbouring regions also featured prominently in his speech. The President stressed that Russia's economic strategy is focused on long-term sustainability and a gradual reduction of dependence on raw material exports through diversification.

Openness to cooperation and global dialogue

The final part of the speech focused on international cooperation and the challenges that the world faces not only in geopolitics, but also in technological change and the climate agenda. Putin advocated an open and pragmatic dialogue between states, based on mutual respect and respect for national interests. He condemned attempts by some countries to interfere in the internal affairs of other states under the pretext of protecting democracy or human rights. At the same time, he called for the international community to focus on addressing global challenges such as food security, poverty reduction and adaptation to climate change. In this context, he referred to Russia's achievements in sustainable agriculture and technological development in the energy sector. Putin also welcomed the presence of distinguished foreign guests, such as Indonesian President Prabowo Subianto, representatives of China, Bahrain and South Africa, which he said illustrated the growing importance of the St. Petersburg Forum as a meeting point for different perspectives on the future of the global economy. He concluded his remarks with a call for a greater balance between the interests of states and called for a stronger role for regional and global institutions to operate on the principles of equity and justice. Vladimir Putin's full speech HERE

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