Putin says Russia aims at least 4% economic growth per year

ST. PETERSBURG, Jun 17 (PRIME) -- Russia’s goal is to reach an at least 4% gross domestic product (GDP) growth a year, President Vladimir Putin said at the St. Petersburg International Economic Forum on Friday.

“I am sure that the central bank will continue a wise and responsible work to ensure macroeconomic stability. We aim at reaching an at least 4% economic growth level,” Putin said. The president said that the GDP goal is less impressive than several years ago but is adequate to the current challenge of the global economy growth slowdown.

According to Putin, Russia has already solved the most urgent economic troubles. “We have kept the reserves, capital outflow fell five times as compared with the first quarter of 2015.”

Inflation is also declining, and a 4–5% consumer price growth is already within the reach in the middle term, he said.

All these factors give reason to hope that economic growth will resume soon, Putin said.

Russia sees its goal in continuing liberalization and business climate improvement. “I mean raising transparency, harmonizing relations between state structures and business. These relations must be built on understanding of mutual responsibility, a strict following and compliance with law, on respect of interests of the state and the society, on the unquestionable value of the private property institution,” he said.

He said that the law enforcement authorities must bear responsibility, including criminal responsibility for unjustified actions which destroyed business.

Putin ordered the government to improve legislation, which concerns business. He also threatened to fire heads of regions that do not support business.

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