MOSCOW, May 27. /TASS/. The pace of Russia’s economic growth has outstripped the global average due to the concerted efforts of society, business, and the government, and to sustain this momentum, it is essential to ease monetary policy, Chief Economist at the Stolypin Institute for Economic Growth Boris Kopeikin told TASS.

Earlier, President Vladimir Putin stated during a meeting with business representatives that the Russian economy had been expanding at a rapid pace and, in terms of purchasing power parity, had risen to the fourth-largest position globally.

"Over the past two years, the Russian economy has grown at a pace exceeding not only that of developed countries but also the global average. This has been achieved thanks to the efforts of society, business, and government bodies that supported the reorientation of foreign trade to new markets, sustained growth rates, budgetary expenditures, and import substitution processes," Kopeikin asserted.

According to him, it is crucial to continue supporting economic growth at a level comparable to the global average. "Judging by the latest statistics and statements from businesses and government representatives, economic momentum is slowing sharply, so it is imperative to begin easing monetary policy as soon as possible," Kopeikin explained.

"At the same time, it is essential not to overlook the business environment, guarantees of property rights, and investment support. The ongoing import substitution processes will also help sustain economic growth," he concluded.