Translation. Region: Russian Federal
Source: State University of Management – Official website of the State –
Source: IA Ura.ru
President Vladimir Putin is restructuring the economy due to the risks of a global trade war. At a meeting on economic issues on April 24, he called for using the turbulence in the world to strengthen domestic production. As Maxim Chirkov, associate professor of the Department of Economic Policy and Economic Measurements at the Institute of Economics and Finance of the State University of Management, explained to URA.RU, Putin is reducing Russia’s dependence on oil and gas prices, increasing the role of non-commodity goods in the economy.
“A constant, objective analysis of the current economic situation is extremely important. It is always in our field of vision, especially now, when the international economic situation is objectively becoming more complicated, when commodity and financial markets are experiencing serious fluctuations due to the intensification of global competition,” Putin said.
It is important not only to monitor changes in the world, but also to use the emerging opportunities to develop our production, trade relations and exports, and strengthen the economy as a whole, the president emphasized. According to him, a planned “soft landing” is underway in Russia. This is necessary in order to overcome inflation, which is still at a high level of over 10%, and maintain economic growth.
The President noted the growth of the manufacturing industry in Russia by more than 5% at the beginning of 2025. He considers the decline in the volume of residential construction to be the most difficult challenge. Putin called for keeping this issue “under special control”, since the pace of construction directly affects the availability of housing and other related industries – from the production of building materials to the production of furniture and household appliances.
Donald Trump’s trade war became the main topic of discussion for economists from all over the world in April. Washington has raised tariffs on Chinese goods several times, and they are currently at 125%. The US has also imposed higher rates on dozens of other countries, but on April 9, it suspended this decision for 90 days. No additional tariffs were imposed on Russia, but the situation in the world cannot but affect the domestic economy – this is what Putin is preparing for, economist Maxim Chirkov believes.
“Risks and uncertainty are growing. The authorities need to respond quickly to what is happening in the global economy in order to maintain the growth rates that have been record-breaking for many years. By and large, no one has yet felt the upcoming difficulties, but the tariffs imposed by Trump will have a strong impact on global trade. The Russian economy may also suffer from trade wars, including from falling energy prices,” Chirkov said.
At the same time, Russia is becoming less and less dependent on the situation on foreign markets and the cost of oil, the economist added. According to him, domestic demand, the creation of production facilities and domestic goods are becoming the basis for economic development. “The fourth largest Russian economy in the world can benefit from the aggravation between the US and China. In 2025, Russia has every chance to increase the pace of economic growth and international trade. It is necessary to respond not only to difficulties, but also to emerging opportunities,” the URA.RU interlocutor summed up.
Subscribe to the TG channel “Our GUU” Date of publication: 04/30/2025
IA Ura.ru
President Vladimir Putin is restructuring the economy amid the risks of a global trade war. At an economic conference on April 24, he called for using global turbulence to strengthen domestic manufacturing….
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