AdvertisementAdvertisementIn this photo released by the Roscongress Foundation, Russian President Vladimir Putin speaks at a plenary session of the St Petersburg International Economic Forum in St. Petersburg, Russia, Jun 20, 2025. (Photo: Vyacheslav Viktorov/ Roscongress Foundation via AP)20 Jun 2025 10:02PM Bookmark Bookmark WhatsApp Telegram Facebook Twitter Email LinkedInRead a summary of this article on FAST.Get bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST SAINT PETERSBURG: President Vladimir Putin on Friday (Jun 20) urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years in the first quarter of 2025.The Kremlin has said this is to be expected after two years of rapid expansion as it ramped up military expenditure to fund the Ukraine campaign, but officials, including the country's economy minister, have warned of pain ahead."Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees in an address at Russia's flagship economic forum in Saint Petersburg."This must not be allowed to happen under any circumstances.""We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.Moscow's economy grew in 2023 and 2024, despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.But economists have long warned that heavy public investment in the defence industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.Russia's Putin meets Indonesia's Prabowo in St Petersburg in bid to deepen tiesSource: AFP/fhSign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin hereAlso worth readingContent is loading...Expand to read the full storyGet bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST