The situation in the Russian economy is "disturbing," but it has
"an adequate margin of safety." This opinion was expressed by
Russian President Vladimir Putin at a meeting on economic issues
in Sochi. According to him, in the first quarter of 2012 GDP grew
by 4.8% and in the fourth by 2.1%. In the first quarter of 2013 the
economy grew by only 1.1%. "As a result, the Ministry of Economic
Development has revised the forecast for economic growth for 2013,
lowering it to 2.4% of GDP, and this is in case of high prices for
energy resources," Putin is quoted by ITAR-TASS. 2.4% is less
than the growth of the world economy. "We have not had anything like this for
a long time," he said.
"Despite the volatility on the world markets, the prices of
oil and other commodities remain high," Putin said, adding that in Russia
there are substantial reserves and that budget reserve funds provide a reliable
airbag. Also, according to Putin, it is important that the real incomes of
the population do not decline, but continue to grow gradually.
He also demanded the government report measures taken for the
development of transport and energy infrastructure. "We have already noted
many times that the lack of this is a serious obstacle to further economic
growth," Putin said, adding that building infrastructure requires money.
The government agreed to consider long-term investment by the National
Welfare Fund and should offer an appropriate mechanism.
Putin drew attention to the increased risk that the earnings of regional
budgets will be lower than planned.
