NOVO-OGARYOVO, September 18. /TASS/. Russia is intentionally reducing the pace of economic growth in exchange for controlling inflation, President Vladimir Putin said during a meeting with leaders of parliamentary factions.

"With regard to the decline from growth rates of over 4% GDP – this is not a slump. These are deliberate actions: slowing growth in exchange for curbing inflation and maintaining macroeconomic stability," the Russian leader said.

At the same time, Putin agreed that during an economic slowdown, the main priority is not to "freeze" the economy entirely. The Russian leader concurred with Communist Party head Gennady Zyuganov that it is important to recognize when overcooling occurs and when a recession may be approaching. "The main thing is not to freeze it," Zyuganov emphasized. "Yes, you are right," the president responded.

Putin also noted that Russia is still far from entering a recession, as indicated by the labor market situation. "I believe that we are still far from a recession, and the labor market reflects this," the head of state said.

According to him, maintaining macroeconomic stability is one of Russia’s unconditional priorities, as it underpins the country’s defense capabilities and the fulfillment of all social obligations.

"One of the priorities to which we constantly return is maintaining macroeconomic stability in the economy. Because many of the issues you always consider of utmost importance depend on this. These include the state’s obligations to our citizens, the fulfillment of social commitments, as well as matters related to strengthening and enhancing Russia’s defense capabilities," Putin said.