SAINT PETERSBURG (Realist English). Russian President Vladimir Putin used the plenary session of the 28th St. Petersburg International Economic Forum (SPIEF) to deliver a sweeping vision for a multipolar global order, stressing Russia’s economic resilience, technological ambitions, and strategic alignment with the Global South. Addressing leaders from China, Indonesia, South Africa, and Bahrain, Putin framed the forum as proof of a world no longer centered on the West.
“The idea that Russia is isolated is a myth,” said moderator Nadim Koteich, CEO of Sky News Arabia. “This stage, with leaders from BRICS, the Gulf, and ASEAN, shows how multipolar our world has become.”
In a 90-minute keynote address, Putin declared that Russia had entered a new phase of structural economic transformation, with five core priorities: high-tech growth, improved investment climate, export diversification, integration of civil and defense sectors, and the creation of a “fair platform for global development.”
Economic growth beyond oil
Putin pointed to solid economic figures, asserting that Russia’s GDP grew over 4% annually in the past two years — above the global average. More significantly, he highlighted a 7.2% rise in non-oil GDP in 2023 and 4.9% in 2024, describing it as proof that “Russia’s economy is no longer dependent on hydrocarbons.”
“Old stereotypes about the Russian economy as merely resource-based are fading,” he said. “We are now the fourth-largest economy globally by volume — and the first in Europe.”
Labor, youth, and social uplift
Putin emphasized job creation and the shift toward knowledge-based sectors. “In four years, employment has grown by 2.4 million,” he said. “Unemployment is at a historic low of 2.3%, and youth joblessness is among the lowest in the world — 7.5% compared to 16% in France.”
The president also noted a historic drop in poverty. “In 2000, 29% of our population — over 42 million people — lived below the poverty line. Now that figure is 7.2%, or 10.5 million,” he said, pledging to reduce it further to 5%.
Investment climate and new tech drive
Putin urged both domestic and foreign investors to seize opportunities in Russia, announcing new regulatory reforms and highlighting Moscow, Tatarstan, and Nizhny Novgorod as the top-performing regions. He also pushed for greater R&D spending, aiming for joint public-private investments in science and technology to reach 2% of GDP by 2030.
To reduce duplication, Putin ordered the streamlining of Russia’s sprawling network of development funds. “We must consolidate and unify support procedures for innovative businesses,” he said.
Military-industrial integration and civil spin-offs
In a nod to wartime realities, Putin proposed further integration of Russia’s defense sector with civilian industry, calling for “dual-use production” across fields from electronics to agriculture.
“We must move beyond the division between defense and civilian sectors,” he said. “Technological holdings that can operate in both domains are the future.”
Global trade, BRICS, and a new growth model
Looking outward, Putin said Russia’s non-oil exports must rise and trade relationships deepen across Asia, Africa, and Latin America. He praised BRICS expansion, noting its member countries now account for 40% of the global economy.
“A new global model is needed — not based on neo-colonial exploitation by the so-called golden billion, but on fairness and sovereignty,” he said. “The era of Western rules-based order is over. We are building an open and inclusive platform for growth.”
He revealed that 35 countries participated in Russia’s new “Open Dialogue on the Future of the World” in Moscow, and pledged to build an entire ecosystem of policy innovation around it.
“In the 21st century, no nation can solve global problems alone — especially at the expense of others,” Putin said. “Only joint action, including through BRICS, can move civilization forward.”
