Putin: Russian economy has moved to period of growth
The recession in the Russian economy is over and the record-low inflation will fall further to 4 percent this year, President Vladimir Putin said on Thursday during his annual televised news conference.
Answering a question on whether the economic crisis in Russia is over, Putin said that objective data show the country has overcome it.
'Crisis period is ending': Russian economy to grow 2% - Economic development minister https://t.co/NOJzmboitq— RT (@RT_com) February 27, 2017
“We have moved to a period of growth,” Putin said, adding that “we’ve witnessed growth for three consecutive quarters.”
According to the Russian president, industrial production and the volume of non-energy exports is also on the rise.
Putin added that fixed capital investment is currently growing faster than the economy in general.
“The economy grew 0.7 percent in four months [January to April 2017], while investment into fixed capital grew 2.3 percent… it means the basis has been laid for growth in the near future,” said Putin.
‘Sustainable Growth’: IMF director Lagarde on Russian economy https://t.co/jj4DKfcv50— RT (@RT_com) November 21, 2016
He also noted the growth of Russia's foreign exchange reserves. “We started last year with $368 billion and finished it at the level of $378 billion. This year they stand at $405 billion," he said.
Russian Economic Development Minister Maksim Oreshkin said earlier the economy will grow 2 percent this year, with GDP returning to sustainable growth.
In April, the International Monetary Fund (IMF) forecast that Russian economic growth would pick up in 2017-2018 and reach 1.4 percent in each year.