Putin Projects 4.7% GDP Growth for CIS Nations in 2024
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St. Petersburg, Dec 26 (NationPress) The gross domestic product (GDP) growth of the Commonwealth of Independent States (CIS) is anticipated to reach 4.7% in 2024, according to Russian President Vladimir Putin during an informal CIS summit held in Leningrad Oblast.
Putin stated, “The macroeconomic indicators of our countries have improved significantly. By the close of 2024, the total GDP growth of the Commonwealth nations is projected to hit 4.7%,” emphasizing that this figure exceeds the global average.
He highlighted that Russia's trade turnover with other CIS nations rose by 10.6% in the period from January to October, amounting to over 93 billion USD. Additionally, in the first ten months of the year, industrial production within CIS countries climbed by 4.3%, cargo transportation increased by 7.4%, and retail sales experienced a growth of 7.7%, as reported by Xinhua.
Putin noted the strengthening of financial and monetary cooperation among CIS members, with an increasing utilization of independent payment systems and settlement methods to enhance mutual economic transactions.
The proportion of national currencies used in commercial transactions between Commonwealth members has surpassed 85%.
This year, Russia holds the chair in the CIS. Putin recalled that during this chairmanship, efforts were concentrated on enhancing economic collaboration, facilitating the free movement of goods and services, dismantling trade barriers, and streamlining customs processes.
Putin remarked, “Russia's primary focus as the CIS chair has been to advance integration within the Eurasian region and bolster the international standing of the Commonwealth.”
He reiterated that the emphasis was placed on strengthening economic cooperation, ensuring the free movement of goods and services, and simplifying customs procedures.
