Putin: Russia’s economic downturn has been completely overcome

The economic downturn caused by the coronavirus pandemic has been completely overcome in Russia. This was stated by President Vladimir Putin during a meeting on economic issues. The head of state noted that following the results of seven months of this year, Russia’s gross domestic product reached the pre-crisis level.

“Quite recently, we still said,“ in general, it has recovered ”- today we can already say that it has recovered,” said the head of state (quote from the Kremlin website). He noted that industrial growth in January-July amounted to 4.4%, while manufacturing industries demonstrate higher rates – plus 5.6%

According to the president, in the first half of the year, the volume of investments in fixed assets increased by 7.3% compared to the indicators of 2020. In July, the employment of the population increased and amounted to 72 million people, exceeding the indicators of the pre-pandemic 2019. However, as the President emphasized, this task has not yet been solved in all regions. According to him, the level of unemployment among young people and people with disabilities remains high. The President also pointed out the need to form a model of sustainable economic development at the post-crisis stage, which will allow covering new industries and regions of Russia.

Earlier, Vladimir Putin said that in order to support citizens and the economy, the Russian authorities allocated about 3 trillion rubles to support citizens, which amounted to 4.5% of the country’s GDP. As the President noted, the measures were aimed at preserving jobs and incomes of citizens, supporting entrepreneurship, restarting the investment cycle, helping regions, specific people and families with children.

On economic recovery in Russia – in the material of “Kommersant” “The economy emerged from the crisis pit”

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