Putin says Russia’s economy grows despite global fall

MOSCOW, Nov 20 (PRIME) – The Russian economy grows in spite of a global slowdown, President Vladimir Putin said at the Russia Calling! investment forum on Wednesday.

“In spite of a decrease of the global growth rate, Russia retains positive economic dynamics. Last year, the gross domestic product (GDP) growth amounted to 2.3%. It was more modest in the first three quarters of this year, we know quite well, 1.1%,” Putin said.

The president said that Russia needs to rise labor productivity significantly. “The Russian government, the business community need to attain dramatic changes in the increase of the labor productivity based on advanced technologies, growth of qualification and new competences.”

He also said that budget spending meets the plan more than spending on the national projects, this is a concern which the government must address.

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