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St. Petersburg International Economic Forum

Written by Michael Thervil


Video courtesy of Sky News

Last week, Russian President Vladimir Putin spoke at the St. Petersburg International Economic Forum 2024 (SPINEF). This economic forum is a platform in which president Vladimir Putin can articulate the present and future economic goals and projections regarding the Russian economy. This is a very prestigious event that has always been held in high esteem since its conception in 1997. It should be noted that a former U.N. Weapons Inspector and former U.S. Marine was scheduled to attend the St. Petersburg International Forum but was derailed by the confiscation of his passport by the American Government.


Other key political figures in attendance at the SPIEF were Russian Political Scientist Sergey Karaganov, Bolivian President Luis Alberto Arce Catacora, and Zimbabwean President Emmerson Mnangagwais. Russian President Vladimir Putin also spoke on the bettering of retirement and pension plans for Russian citizens, along with his proposal to modernize Russian manufacturing and production companies, increasing the budget for federal projects, and modernizing the “industrial capacities” of Russian companies, and the digitalization of all areas of the Russian economy by 2030.


Another economic outlook that Russian President Vladimir Putin spoke about was enhancing the beautification of Russian cities, in doing so, he estimated that there will be a 5% increase in the Russian GDP due to the increase of economic stimulus within sectors of hospitality and tourism. Also on his agenda was the raising of the national minimum wage for Russian citizens for the sake of the domestic market (15% growth factor). This wage increase resulted in the estimate of the minimum wage in Russia being increased to 35,000 (roughly $390 US). President Vladimir Putin also spoke on increasing the quality of life for all Russian citizens especially for women and children.

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