Russian President Vladimir Putin on Wednesday outlined ambitious targets to improve Russia's economic well-being and citizens' incomes in his annual address to the Federal Assembly
MOSCOW (Pakistan Point News / Sputnik - 15th January, 2020) Russian President Vladimir Putin on Wednesday outlined ambitious targets to improve Russia's economic well-being and citizens' incomes in his annual address to the Federal Assembly.
"On the basis of a stable macroeconomic foundation, conditions must be created for a substantial growth in citizens' incomes. I note that this is a most important task for the government and the Central Bank ... In 2021, GDP growth rate in Russia must be higher than world average," Putin said.
For this, Putin presented a detailed plan to launch a new investment cycle into Russia's key sectors, attract more foreign investments and avoid increasing taxes on Russian businesses.
According to the World Bank, the gross domestic product of the world economy at large grew by 3 percent in 2019, mostly thanks to rising developing economies of Africa and southern Asia, while Russia's economic growth was about 1 percent in 2019.
