ST. PETERSBURG, June 16. /TASS/. The changes the world is seeing in all spheres are not temporary, but pivotal, profound and irreversible, Russian President Vladimir Putin said at the St. Petersburg International Economic Forum (SPIEF).

Under these conditions, a proactive economic policy is needed, he added.

"I have already said and I want to repeat it again: the changes in the world in all its spheres are of a dramatic, deep and irreversible nature. That is what is important. In these conditions, it is necessary to move only forward. This means [that] we need a proactive economic policy that can be built and implemented in close conjunction with representatives of the business community, with our entrepreneurs," he said.

Putin also noted that Russia needs to shift to a sovereign economy that generates demand on its own.

"Such an economy - it is often called a supply-side economy - involves a large-scale build-up of industrial forces and services. The widespread strengthening of the entire infrastructure network, the development of advanced technologies, the creation of new modern industrial capacities and entire industries," the president explained.

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.