Putin called for increased economic growth

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Путин призвал усилить рост экономики

Economy out of stagnation, but growth should be higher than the average. This was stated by the President, speaking at the forum VTB “Russia calling”.

This year it gathered over 2 thousand guests from more than 60 countries are the leading investors, heads of major companies of Russia and the world.

The format of participation of the President in the event this time was different: before, Vladimir Putin listened to a brief report of the head of VTB Andrey Kostin about what is discussed, performed, and answered questions. Now he had limited speech, in which he told about the main achievements of the economy.

The forum is firmly established in the global business calendar, stated Putin: it shows the great interest that the modern Russia and its potential mutual desire for dialogue and cooperation.

“Our economy out of stagnation, but its recovery is to be sustainable,” said the President. “GDP is growing four quarters in a row. From the second quarter, a pace above 2 percent,” he said. Industrial production growth amounted to 1.8 percent, the advantage of manufacturing industries, including automotive and pharmaceuticals.

“The Russian economy acquires a new quality that did not exist a year ago – said the head of state. Is the dynamics, which relies on the expansion of domestic demand”. Rising real wages for the first three quarters of 2.5 percent. “Citizens feel to it with some lag, but this sector is gradually recovering,” he said.

“Investment in fixed capital grew by 4.2 percent, is two times higher than the rate of GDP growth over the same period, – Putin continued. – This lays the Foundation for further growth.” In January-September the GDP grew by only 1.8 percent.

Managed to get on the record low inflation rate of 2.7 percent according to October 16. At the end of the year it will be below the target at 4 percent, the President said. Experts expressed concern and see this as a deflationary threat. But in the world of almost all Central banks, regulators that targetirovat inflation, exhibit such excessive caution. For the economy with such a structure, depending on the world commodity market, still a lot of threats, he said, adding that he understands the caution of the Central Bank and generally endorsed such a policy. But price stability plays an important role from the point of view of interest rates and overall macroeconomic policy.

“Surely reduced budget dependence on oil prices, the President said. – In the next three years due to oil and gas revenues will form only a third of state revenues”. The total budget revenues, of course, will only grow. Declining non-oil deficit. Any country interested in social stability and reduce social spending would be unfair. To heat up the economy also had that and did point. “And the results were positive”, – said Putin.

Even the President said the inflow of foreign investment and the growth of foreign exchange reserves by 13 percent since the beginning of the year they amounted to 427 billion Stabilized and the ruble.

The President called strategic objectives. First, to give the economy an additional impetus to significantly improve efficiency. “We cannot be satisfied with growth rates”, it is necessary that they were above the world average, he said. Prevent structural constraints, and need new sources of growth, particularly productivity. For this, the government will gradually improve the business climate and stimulate investment, Putin said.

“We will continue to pay great attention to the improvement of education and professional skills,” – said the President. In this field Russia has a high international rating. One of the problems which business drew attention to the lack of qualified personnel. But at the recent WorldSkills in Abu Dhabi, our team took first place in the points, he said.

“Surely reduced budget dependence on oil prices, the President said. – In the next three years due to oil and gas revenues will form only a third of state revenues”. The total budget revenues, of course, will only grow. Declining non-oil deficit. Any country interested in social stability and reduce social spending would be unfair. To heat up the economy also had that and did point. “And the results were positive”, – said Putin.

Even the President said the inflow of foreign investment and the growth of foreign exchange reserves by 13 percent since the beginning of the year they amounted to 427 billion Stabilized and the ruble.

The President called strategic objectives. First, to give the economy an additional impetus to significantly improve efficiency. “We cannot be satisfied with growth rates”, it is necessary that they were above the world average, he said. Prevent structural constraints, and need new sources of growth, particularly productivity. For this, the government will gradually improve the business climate and stimulate investment, Putin said.

“We will continue to pay great attention to the improvement of education and professional skills,” – said the President. In this field Russia has a high international rating. One of the problems which business drew attention to the lack of qualified personnel. But at the recent WorldSkills in Abu Dhabi, our team took first place in the points, he said.

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