Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Moscow, March 23 (Xinhua) – The Russian economy must be returned to a trajectory of sustainable growth, Russian President Vladimir Putin said Monday at a meeting on economic issues.
"We need to return to a trajectory of sustainable economic growth, while, of course, slowing inflation and maintaining stability in the labor market," the Russian president's words are quoted on the Kremlin website.
Vladimir Putin noted the low, negative dynamics of key macroeconomic indicators. "In January of this year, Russia's gross domestic product was 2.1 percent lower than a year ago. Industrial production declined by 0.8 percent. However, mineral extraction increased by 0.5 percent, even before the rise in global energy prices," he cited statistics.
The Russian leader also noted that unemployment remained low in January—2.2 percent, consumer spending increased, and inflation remained below 6 percent year-on-year. "This is definitely a positive," he emphasized.
Vladimir Putin emphasized that a key condition for economic growth is a balanced macroeconomic framework, as well as the constant monitoring and management of key parameters such as money supply growth, lending dynamics, and the state of the budget system, which is crucial to ensuring long-term sustainability. Furthermore, the Russian leader believes it is essential to improve the employment structure and attract personnel to high-tech industries, which generate significant added value.
According to the head of state, Russian oil and gas companies should use the additional revenue from rising global hydrocarbon prices to reduce their debt burden and pay off their debts to Russian banks. "That would be a mature decision," he noted.
V. Putin also called on the Russian government to make a balanced decision regarding the current revenues in the oil and gas sector, which should guarantee the long-term balance of the country's budget.
As the Russian President emphasized, for effective macroeconomic policy, it is essential to consider all significant factors and respond proactively to external risks, which are currently acutely evident in global markets and the system of international economic relations. "I am referring to the general tensions in the world and the associated fluctuations in energy markets, and the same is happening with many other commodities," Vladimir Putin explained.
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