ST. PETERSBURG, June 16. /TASS/. People's real incomes began to grow in Russia in the fourth quarter of 2022; and this trend is expected to gain steam this year, Russian President Vladimir Putin said on Friday.

"Back in the fourth quarter of last year, people’s real disposable incomes began to grow again, thank God. Yes, the growth is modest so far, but it is still trending in this direction. This year, this trend is to intensify. At least, I hope so," he said at the St. Petersburg International Economic Forum (SPIEF).

He said that the poverty rate in Russia is decreasing and called for maintaining this trend. According to Putin, the poverty rate in 2022 dropped below double digits, to 9.8% and 1.7 million people rose above the poverty line.

"The state’s financial capacities make it possible to keep to a steady course to ensure social justice, to reduce poverty and inequality. <…> Of course, we must keep this trend going. Pension and social benefit payments, the minimum wage and livable wage are outperforming price growth," he added.

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.