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Russian economy has good outlook, and it is absolutely healthy - Putin

June 20, 2013, 22:10 UTC+3

Putin believes that it’s possible to solve the aforesaid problems if the state and business find joint solutions

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ST. PETERSBURG, June 20 (Itar-Tass) - Russian President Vladimir Putin said at the B2 meeting with representatives of business community that unlike in the United States and countries of the Eurozone, the Russian economy has good outlook.

"The unemployment level in Russia is 5.5%, the lowest in its modern history. The GDP grew at a rate of 3.4%, which is comparable to world levels; our inflation rate is still high but it is the lowest in the history of modern Russia. Our budget has the minimal foreign debt of 2.5% of GDP,” the Russian leader said.

Nevertheless, Putin said that the global economic situation was a source of concern for Russia. "If the whole world shrinks, then our economy will face the same consequences. We can find effective ways out of the situation only if we join our efforts,” Putin went on to say. “Of course, it will be extremely dangerous if we lock ourselves up in national apartments given the complexity of problems that we are facing,” the Russian president emphasized.

He admitted that it would be difficult to avoid that. However, Putin believes that it’s possible to solve the aforesaid problems if the state and business find joint solutions.

Putin also called for liquidation of “absolutely unjustified” restrictions imposed on banks that invest in economies of other countries.

"Obviously, this is an obstacle to the investment process, and I would like to call your attention to it. Of course, we are going to raise this subject at the G-20 summit. But I would also like you, ladies and gentlemen, to urge your regulatory bodies to remove unjustified restrictions,” the president told businessmen.

"At the governmental level, we will certainly do that. It seems to me that the business community is interested in lifting absolutely ungrounded restrictions. They should be liquidated,” Putin said.

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