Msocow: In a message released by the Kremlin on Wednesday, Russian President Vladimir Putin emphasised the importance of self-sufficiency for the country's economy to continue expanding in the face of Western sanctions and the global economic downturn.

The 26th St. Petersburg International Economic Forum (SPIEF), which will be held from June 14–17, was the audience for Putin's remarks.

The Russian leader praised the nation's business sector, which "continues to be active" despite the difficult economic environment at the moment.

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Therefore, I would like to once more express my gratitude to all employees at businesses and organisations, whether in senior positions or as team members, for their contributions in helping to mitigate the negative effects of illegitimate sanctions.

Making the most of the chances that have come up, he continued, entails "focusing on attaining technological and financial sovereignty, forging strong ties, developing optimal logistics routes, improving infrastructure, and tackling inequality and poverty." 

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Putin insisted that the government's support for the labour market is another top priority. The president stressed the importance of a close working relationship between the government and business sector, particularly when it comes to implementing lean manufacturing techniques and updating businesses.

The Russian leader added, "Of course, more work is required to optimise professional training and retraining programmes and enhance the national employment service.

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Putin cited forecasts from experts to state that the global economy will continue to slow down in 2023, while Russia's GDP may increase by as much as 2%.