Putin says Russian reserve funds will last another 4 years

Russia's reserve funds will last another 4 years, and the situation in the Russian economy will start improving next year, Russian President Vladiomir Putin said during his annual Q&A session.

Russia's reserve funds will last another 4 years, and  the situation in the Russian economy will start improving next year, Russian President Vladiomir Putin said during his annual Q&A session.

"The situation [in the economy - TASS] has not changed though the trend is still positive. We had 3.7% GDP contraction while this year the Russian government assumes there will be 0.3% decline while next year will see 1.4% growth," the president said.

The president has also pointed out that the main issue of Russian economy is how to ensure inflow of investments, to ensure demand and increase income of population.

"The main thing is how to ensure the flow of investment, increase efficiency and to ensure demand, which means raising incomes of the population," he said.

Putin said the economic structure has to be changed instead of printing currency. 

"The main thing is not to print currency, the main thing is to change the structure of the economy," Putin said.

He also noted an increase of the share of high-tech products in Russia's export.

"The exports of hi-tech products are also increasing compared with the exports of natural resources," Putin said.

The Russian leader said that Russia’s industrial output had also expanded.

"In February, we registered a positive trend reversal for the first time," he said.

The president also noted that the automotive industry is one of most affected sectors in the current crisis.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

Read more