Putin Announces New Investment Cycle to Boost Economic Growth

Russian president Vladimir Putin noted positive trends in Russia’s economic indicators and instructed the government to launch a new investment cycle, which will help the national economy grow above the global average, TASS reports.

“Our common main task is to make economic growth more solid, high-quality and sustainable, taking into account external challenges and risks,” the head of state said at a meeting on economic issues on Wednesday.

He called the high rate of economic growth the basic condition for successful social development, creation of new jobs, growth of incomes of Russian citizens, as well as for the positive demographic changes Russia needs.

The President noted that last year, Russia’s GDP growth totaled 1.3%, while in the fourth quarter of 2019, its dynamics increased to 2.3%.

“The key indicator such as the industrial production index is up 2.4% last year; agricultural production added four percent, retail sales are growing,” Putin noted.

“Inflation dropped to three percent in 2019, now it is 2.4% in annual terms. Unemployment is at a reliably low level: 4.6% on average over the past year,” he added.

According to the Russian president, the amount currently saved in the National Wealth Fund exceeds $125 billion, while the country’s international reserves amount to $560 billion. “All these factors provide us with macroeconomic stability and make the national economy less sensitive to changes in the global environment,” Putin concluded.

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