Putin called for “modest” Russia’s efforts to rebuild the economy

Speaking at the first meeting of the G20 summit in the Chinese Hangzhou, Russian President Vladimir Putin noted that, while many world leaders indicate problems, “today there is a slow but positive economic recovery”.

“As for our country, we evaluate our efforts as insufficient and modest,” said Putin, adding that the Russian economy is “finally stabilized” (quoted by “Interfax”).

The President said that the country remained in the reserves and significantly reduced the outflow of capital. “Compared to last year capital outflow has decreased in five times. Inflation reduced in two times. The budget deficit at 2.6%. We keep unemployment at a low level of 5.7 percent. External debt remains fairly low — only 12 percent,” — said Putin.

The President also stressed that Russia records a slight increase in industrial production and other indicators and plans to “continue to reduce the budget deficit to continue to reduce the dependence of budget revenues from the export of hydrocarbons”. “To continue a balanced policy to ensure macroeconomic stability. Continue the implementation and improving the business climate”, — concluded Putin.

Earlier, on 2 September, the Minister of economic development of Russia Alexei Ulyukayev stated in his TV interview that the Russian economy has moved from recession to stagnation. Thus he commented on the report of experts of the Higher school of Economics, which said that the Russian economy is “stuck at the bottom”. The speaker with the conclusions of the experts agreed.

“I almost never don’t agree with them, but I agree. We have moved from recession to stagnation. I don’t like this game in terms, but, nevertheless, if you use them, then that is the situation then there is a period of low growth”, — said the head of the MAYOR.