President Putin: Russian economy stabilized

Russian President Vladimir Putin said Friday the Russian economy has been stabilized but it is too early to report on dramatic improvement.

At a government meeting on economic issues, Putin said that industrial and agricultural sectors grew 0.3 percent and 3 percent respectively. According to the Russian leader, the unemployment rate is at "relatively low level" of about 5.6 percent in 2016, and it is necessary to keep this year's federal budget deficit at 3.7 percent of GDP.

Last month, the Russian Ministry of Economic Development announces its forecast for national socio-economic development till 2035 based on favorable international conditions and rising oil prices. It forecast that Russia will escape from recession in 2017 but it will take around 20 years to deal with poverty and stagnation.

Source: VOV5