Putin hails Russia’s economic performance

PanARMENIAN.Net - President Vladimir Putin hailed the nation's economic performance in a marathon TV show Thursday, April 16, pointing at the ruble's recovery as a sign of a renewed investor confidence in Russia, the Associated Press reports.

Speaking in a call-in show with the nation televised live, Putin said the nation's economic performance has remained strong, despite Western sanctions slapped on Russia over the Ukrainian crisis and a slump in global oil prices.

He noted a 3.7-percent increase in agricultural production and low unemployment, but acknowledged that an 11.4-percent annual inflation rate has put a strain on consumers' budgets.

Putin pointed to the ruble's recent recovery following its sharp devaluation last year as a sign of the Russian economy's resilience. He said that while an increase in oil prices had played a role in the recovery, the currency has strengthened more significantly than the oil factor would indicate, reflecting investors' renewed confidence in the Russian economic performance.

Putin said the sanctions have given Russia a strong impetus to diversify away from its heavy reliance on oil and dependence on imports, and would encourage it to develop high-tech industries and boost domestic agricultural production.

"We must use the current situation to reach new levels of development," he said.

Putin added that the country can overcome any challenges if it remains united. "If we preserve a stable situation in domestic politics, preserve the current consolidation of society, we shouldn't fear any threats," he said.