Putin: CIS Economies Expected to Grow by 4.7% in 2024

Russian President Vladimir Putin announced during the informal summit of heads of state of the Commonwealth of Independent States (CIS) held in Leningrad Oblast on December 25 that the economies of CIS countries are projected to grow by 4.7% in 2024.

Putin stated that macroeconomic indicators for CIS countries have significantly improved, with GDP growth for 2024 expected to reach 4.7%. Data from January to October shows that trade between Russia and other CIS countries amounted to over $93 billion, reflecting a year-on-year increase of 10.6%. During the same period, industrial production in CIS countries grew by 4.3%, freight volumes rose by 7.4%, and retail trade turnover increased by 7.7%.

Putin also noted the expanding cooperation among CIS countries in the monetary and financial sectors. The use of national independent payment systems and settlement tools has been on the rise, with over 85% of cross-border commercial transactions within the CIS now settled in local currencies. Import substitution is progressing rapidly, and member states are strengthening their technological sovereignty.

As the rotating chair of the CIS in 2023, Russia has focused on deepening economic cooperation, ensuring the free movement of goods and services, and removing trade barriers.

The CIS was established in December 1991 and currently consists of nine formal member states, including Russia, Belarus, Kyrgyzstan, and Kazakhstan.