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Russia's economy must grow faster than the global economy — Putin

March 01, 13:03 UTC+3

This is a basic condition for the breakthrough in resolving social, infrastructure, defense and other challenges the new government will be facing, Putin stressed

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© Vladimir Smirnov/TASS

Russia needs an economy with growth rates exceeding global figures, this is a basic condition for a breakthrough, Russian President Vladimir Putin said on Thursday in his State of the Nation Address to the Federal Assembly.

"Increasing the country's economic potential is the main source of additional resources. For this we need an economy with growth rates exceeding the global level," Putin said. "This isn't just a wish, but a basic condition for a breakthrough in resolving social, infrastructure, defense and other tasks," he added.

Putin noted that "achieving such growth rates should be a key waymark for the new government."

An increase of the gross domestic product (GDP) per capita by 1.6 times by mid-2020 is one of key tasks of the state, Putin said in his State of the Nation Address to the Federal Assembly.

"Russia should not merely firmly fix its position among the top five economies of the globe but also to increase GDP per capita by 1.5-fold by the middle of the next decade," Putin said.

"This is a very challenging task but I am confident that we are ready to solve it," the Russian leader pointed out.

Vladimir Putin believes it is necessary to reduce the share of the public sector in the economy:

"To let the economy work at full capacity the business climate must be improved dramatically and the highest level of business freedom and competition achieved. I would like to emphasize this fundamental stance: the share of the public sector in the economy must be gradually reduced," Putin said. 

Strategic task 

Russia’s authorities will do everything possible to develop business activity in the country, and businesses should also contribute more to the implementation of the strategic task of Russia’s breakthrough development, according to the Russian leader. 

"I know there is still much to be done, and I assure you that we will do everything possible to provide new possibilities for our businessmen to expand their production, establish companies and create modern workplaces. I also expect that Russian businesses will increase their contribution to the country’s breakthrough development and that respect for business activities will be growing in society, which is very important," Putin said.

He specified that he directs these words to all business representatives, both those who are running their small businesses and those who are managing large industrial enterprises. The president added that the active introduction of digital platforms will help move towards transparency in the economy.

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