Putin: Russian economy has avoided recession

The Russian government has managed to prevent the economy from slipping into a recession, said Russian President Vladimir Putin at a BRICS summit in Brazil, TASS reports.

While speaking to participants of a BRICS forum, the Russian leader commented that the global economic situation remains difficult. “The use of unscrupulous competition in global trade has also had an effect: unilateral sanctions, protectionism is rife,” Putin observed.

“In Russia for many years we have been pursuing a balanced macroeconomic policy, treating state finances responsibly, supporting the stability of the banking and credit markets. We are striving to help strengthen the key sectors of the economy. Thanks to this, we have managed to avoid slipping into a recession,” the Russian president added.

However, Putin said that Russia’s leaders are not satisfied with the current economic growth rates. For this reason, he said, the Russian government is trying to create comfortable conditions for new capital investments. “We are working persistently to simplify the regulatory norms, we are building modern infrastructure.”

Putin said that by the end of the 1st quarter, the amount of foreign investments in Russia’s Federal Loan Bonds (OFZs) had grown by $4 billion.

  Putin, Russian Economy