ST. PETERSBURG, June 16. /TASS/. Russia’s responsible and balanced economic policy has made it possible to ensure minimum levels of unemployment and inflation in the country, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"We have maintained responsible and balanced fiscal and monetary policy. Their efficient combination has enabled Russia to achieve the lowest levels of unemployment and inflation, which is now lower in Russia than in many Western countries, both in the eurozone and elsewhere. It is close to a record low at 2.9%," Putin said.

He noted that the unemployment rate reaches 3.3%. "It has never been so low in our history," the president said.

The 26th St. Petersburg International Economic Forum (SPIEF) — Russia’s showcase annual economic and business event — is being held on June 14-17. The theme of this year’s forum is: "Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations." TASS is the official information partner of the event.

SPIEF’s expanded business program offers attendees the opportunity to participate in more than 140 sessions featuring over 1,000 moderators and speakers, according to event organizer Roscongress Foundation.