One of the highlights during the 2023 St. Petersburg International Economic Forum (SPIEF) was Russia's economic development under Western sanctions as the world economy reaches a turning point.

In a keynote address delivered at the forum on Friday, Russian President Vladimir Putin said Russia's economy is expected to grow by up to 2 percent this year as it bounces back from last year's contraction in the face of sweeping Western sanctions.

"Positive macroeconomic trends are gaining momentum... I agree with those of our experts who believe that growth [this year] will be... somewhere up to 1.5 percent, and maybe even [just] under 2 percent. And this will allow our country to keep its place among the leading economies of the world," said Putin.

Other than its GDP figures, Russia's inflation and unemployment have also hit historical low figures due to a "responsible, balanced budgetary and monetary policy," Putin had said.

In his speech, Putin also talked about the concept of "sovereign development," where he advocated building a sovereign economy for Russia, which means the development of infrastructure and industrial capacity without being subject to sanctions coercion.

John Gong, professor of economics at the University of International Business and Economics, said the key message conveyed in Putin's speech is the strength of Russia's economic development and the confidence in its growth prospects despite Western sanctions.

Latest economic figures indicate that Russia's economy is doing fine, and it is safe to conclude that Western sanctions have been a failure in terms of slowing down Russia's economic development, commented Gong in an interview with CGTN.

He attributed the resilience of the Russian economy to its self-reliance, and more importantly, the strong economic and trade ties Russia has forged with developing countries and emerging markets such as China.

The four-day event, attended by more than 17,000 people from about 130 countries and territories, ends on Saturday after opening on Wednesday in Russia's second-largest city St. Petersburg. SPIEF provides a platform for discussions of key economic issues that Russia, emerging markets and the world as a whole are facing.

(With input from Reuters)