Putin: Russian Economy Out of Crisis

Putin: Russian Economy Out of Crisis
Sputnik/ Michael KlimentyevBusiness20:24 11.09.2017(updated 20:27 11.09.2017) Get short URL

Russia’s economy has emerged from the crisis, is gaining momentum, and this dynamic should be maintained. Positive factors will be gradually felt by the population and the country’s business sector, Russian President Vladimir Putin said Monday at a meeting with government members.

MOSCOW (Sputnik) — The key report at the meeting, dedicated to the current economic dynamics and its forecast until 2020, was made by Economic Development Minister Maxim Oreshkin, who in particular said that the pessimistic view of the economic development was not justified, and cited a number of macroeconomic indicators confirming this.

“All that you said undoubtedly means that the Russian economy has emerged from the crisis, is gaining momentum, and we need to do everything in order to keep these dynamics in these conditions,” Putin said.

Putin added that both businesses and citizens would gradually feel the “positive factors that are taking place in the economy.”

Putin is not the first top Russian politician who has spoken about the recovery of the country’s economy. Russian Prime Minister Dmitry Medvedev said Sunday that Russia’s economy was growing, adding that positive trends would be reflected in the federal budget.

Last week, the Research and Forecasting Department of the Central Bank of Russia has improved the forecast for GDP growth in 2017 to 2 percent from 1.5-1.6 percent.

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the US dollar amid low global oil prices and Western economic sanctions imposed against Russia over the situation in eastern Ukraine.