Russian economy needs to do more: Putin

(Photo: AFP)


Russia’s economy needs to become more dynamic and efficient, Russian President Vladimir Putin said on Tuesday.

“We cannot be satisfied with the current growth rate. We have to raise it to the levels above the global average,” Xinhua cited Putin as saying in an address to an international investment forum in the Russia capital Moscow.

The Russia leader said the country’s economy was reviving with its gross domestic product rising over the last four quarters, with the growth rate exceeding two per cent in the third quarter this year.

“To reach the pre-set targets, the country needs to activate new sources of growth,” he added.

Primarily, Russia needs to increase labour productivity through modernising production and launching new industrial units on the basis of modern technologies, he said.

Russia should keep improving its business climate, stimulate competition and create a more favourable environment to attract investment, Putin noted.

The second source of growth, according to Putin, is to further tap into Russia’s export potential.

The volume of Russian exports other than raw materials and energy rose by 18.6 per cent year-on-year to $77 billion in the first eight months this year, accounting for 35 per cent of all Russian exports.