section_path: Domestic policies/Economic, industrial, and energy policies
section_name: Economic, industrial, and energy policies
paragraph_text: Economic, industrial, and energy policies
  
  Sergey Guriyev, when talking about Putin's economic policy, divided it into four distinct periods: the "reform" years of his first term (1999–2003); the "statist" years of his second term (2004—the first half of 2008); the world economic crisis and recovery (the second half of 2008–2013); and the Russo-Ukrainian War, Russia's growing isolation from the global economy, and stagnation (2014–present).
  
  In 2000, Putin launched the "Programme for the Socio-Economic Development of the Russian Federation for the Period 2000–2010", but it was abandoned in 2008 when it was 30% complete. Fueled by the 2000s commodities boom including record-high oil prices, under the Putin administration from 2000 to 2016, an increase in income in USD terms was 4.5 times. During Putin's first eight years in office, industry grew substantially, as did production, construction, real incomes, credit, and the middle class. A fund for oil revenue allowed Russia to repay Soviet Union's debts by 2005. Russia joined the World Trade Organization in August 2012.
  
  In 2006, Putin launched an industry consolidation programme to bring the main aircraft-producing companies under a single umbrella organization, the United Aircraft Corporation (UAC). In September 2020, the UAC general director announced that the UAC will receive the largest-ever post-Soviet government support package for the aircraft industry in order to pay and renegotiate the debt.
  
  In 2014, Putin signed a deal to supply China with 38 billion cubic meters of natural gas per year. Power of Siberia, which Putin has called the "world's biggest construction project", was launched in 2019 and is expected to continue for 30 years at an ultimate cost to China of $400bn. The ongoing financial crisis began in the second half of 2014 when the Russian ruble collapsed due to a decline in the price of oil and international sanctions against Russia. These events in turn led to loss of investor confidence and capital flight, although it has also been argued that the sanctions had little to no effect on Russia's economy. In 2014, the Organized Crime and Corruption Reporting Project named Putin their Person of the Year for furthering corruption and organized crime.
  
  According to Meduza, Putin has since 2007 predicted on a number of occasions that Russia will become one of the world's five largest economies. In 2013, he said Russia was one of the five biggest economies in terms of gross domestic product but still lagged behind other countries on indicators such as labour productivity. By the end of 2023, Putin planned to spend almost 40% of public expenditures on defense and security.