Putin says Rus­sian econ­omy im­prov­ing

Kuwait Times - - BUSINESS -

MOSCOW:

Rus­sian Pres­i­dent Vladimir Putin said yesterday that the econ­omy was set to shrink slightly this year, but by far less than in 2015, as the coun­try strug­gles out of a twoyear re­ces­sion. “We will have a slight de­crease this year, but not 3.7 per­cent” like last year, Putin told jour­nal­ists at his an­nual press-con­fer­ence. “In Novem­ber we are ob­serv­ing slight growth of the coun­try’s GDP. And most likely we will have (a de­crease of) 0.5-0.6 per­cent this year,” Putin said.

Rus­sia’s econ­omy has ap­peared to sta­bi­lize over the last months af­ter two years of re­ces­sion weigh­ing on peo­ple’s pur­chas­ing power and push­ing large seg­ments of the pop­u­la­tion into poverty. Ex­perts have linked the slight re­bound to im­prov­ing oil prices, which is fun­da­men­tal to the Rus­sian bud­get. In­fla­tion in Rus­sia will be around 5.5 per­cent, Putin said, which is lower than ex­pected.

“Most likely it will be around 5.5 per­cent, which is record low in­fla­tion,” he said. “That gives us rea­son to ex­pect to reach our tar­get of five per­cent and later four per­cent,” he said. Putin also praised Rus­sia’s agri­cul­ture for a record har­vest of 119 mil­lion tonnes of grain. “We have not seen any­thing like it in Rus­sia’s mod­ern his­tory,” he said. “It’s a won­der­ful re­sult.” — AFP

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.