National Projects and Wage Growth — Vladimir Putin Holds Meeting on Economic Issues

Wages in Russia in real terms for January-May 2024 increased by 10.1%

© Alexander Kazakov/Russian Presidential Press and Information Office/TASS

MOSCOW, August 26. /TASS/. Empty promises for the sake of "ticking boxes" in national projects are unacceptable, Russian President Vladimir Putin said at a meeting on economic issues.

The president noted that the country has a record-low unemployment rate, and real wage growth for January-May 2024 amounted to 10.1%.

On national projects

- Empty promises for the sake of "ticking boxes" in national projects are unacceptable "without achieving real results, practical positive changes in people's lives."

Wage growth and record low unemployment 

- Wages in Russia in real terms for January-May 2024 increased by 10.1%.

- The country "maintains record low unemployment", in June the figure reached 2.4%.

On economic growth

- The Russian economy this year "continues to grow at a good, high rate."

- In the first half of the year, the country's GDP grew by 4.6%.

On lending

- The volume of bank lending in Russia is growing at an accelerated pace, despite the increase in the key interest rate.

- "It is very important that the rapid development of the financial sector does not lead to negative consequences."

On fighting inflation

- The fight against inflation should be primarily based on the growth of the supply of goods and services. "I once again draw the attention of both the Government and the Central Bank of Russia - it is necessary to increase the effectiveness of coordinated actions to reduce inflation," Putin said.

- It is necessary to strengthen positive trends in the real sector, support business investments in modernization and opening of new production facilities, in creating jobs and training personnel.