ST. PETERSBURG INTERNATIONAL ECONOMIC FORUM - SPIEF

Written by Michael Thervil

ST. PETERSBURG INTERNATIONAL ECONOMIC FORUM - SPIEF

[St. Petersburg International Economic Forum - SPIEF] It's been roughly five days since the St. Petersburg International Economic Forum (SPIEF) which took place in St. Petersburg Russia. During President VIt's been roughly five days since the St. Petersburg International Economic Forum (SPIEF) which took place in St. Petersburg Russia. The theme for SPIEF 2025 was “strengthening multipolarity for sustainable development”.

During President Vladimir Putin’s SPIEF address, he touched on a variety of topics that ranged from education and construction, oil and gas, to national security and military defense. It was revealed by President Puttin, that Russia has not only grown economically but Russia has been able to increase its trade and employment numbers. It was also revealed by President Putin that the Russian GDP has increased by 4%-5% for the last two years despite sanctions applied on Russia by the Collective West.

The Russian GDP was reported to have grown between 1.5%-1.9%. during Vladimir Putin’s SPIEF address, he touched on a variety of topics that ranged from education and construction, oil and gas, to national security and military defense. It was revealed by President Putin, that Russia has not only grown economically but Russia has been able to increase its trade and employment numbers. It was also revealed by President Putin that the Russian GDP has increased by 4%-5% for the last two years despite sanctions applied on Russia by the Collective West. The Russian GDP was reported to have grown between  1.5%-1.9%.

President Putin also mentioned the fact that Employment in Russia grew by 2.4 million people as the unemployment rate stood at roughly 2.3% last year. President Putin quickly compared the Russian unemployment rate to that of the United Kingdom's unemployment rate which was quoted as being higher at 11%-16%. Getting specific in the employment sector, the employment rate amongst young people in Russia also significantly grew as well. 

After making that statement, President Putin stated that there is still more work to do as roughly 2 million Russian’s still earn less than the national minimum wage. This signals that even though the employment rate amongst young people is up, he’s calling for Russia to do even more to keep this trend going into the future. It should be noted that the poverty level in Russia stayed flat at 7.2%. Other sectors such as logistics and transportation, agriculture, technology, and finance have also seen significant growth as well.

During his speech President Putin also stated that the inflation rate in Russia “has decreased to single digit right now, it’s less than 10% as of June the 16th as it stood at 9.6 percent”. He also reported that the information and communication industry in Russia grew by nearly 30% (350,00 people). This was coupled with a significant growth rate in the Russian manufacturing industry at 10.2%-22%. With this growth, it should be mentioned that the number of investments in domestic countries and scientific organizations also grew by 13%.

President Putin also highlighted that Russian entrepreneurs have an estimated 77,000 brands in the sectors of light industrial software and household chemicals. The creation and implementation of the digital Russian Ruble was also talked about and how it will play an important role in international commerce and trade. The BRICS bloc was also discussed and how Russia perceives the future of BRICS and how BRICS will shape the future of the multipolar world. This year’s SPIEF attracted more than 20,000 attendees from roughly 140 countries and this year’s guest of honor was Indonesian President Prabowo Subianto. There’s a lot that was unpacked by President Putin during this year’s SPIEF. We strongly urge you to listen to what was uncovered.