Putin to railway workers: Russian economy is back on track

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November 29, 2017 – Fort Russ News – 

RIA Novosti, translated by Jafe Arnold – 

Moscow, Russia. While meeting with workers at the Moscow-Kiev railway station depot today, Russian President Vladimir Putin called 2017 a “successful year”, noting in particular that the Russian economy has made it out of recession.

This develop is important, in Putin’s words: “Because everything else depends on the economy – such as the social sphere, citizens’ incomes, defense capability.” 

The President recalled that real wages have increased by approximately three percent. He added that not all people have experienced this yet, but that that’s because each region is undergoing this process at its own rate. 

“Economic growth is gradually starting to reflect itself in real income. I think that this is essential,” Putin emphasized.

According to Putin, positive changes have also occurred in the defense sector. “The fact that everything is starting to be developed on our own soil, and that we are enhancing our sovereignty in the economic sphere as well as in the security sphere, is extraordinarily important. This is another step towards strengthening our independence and sovereignty -this is very important,” Putin stated.

President Putin also encouraged young professionals working in the railway sector to master digital technology. 

Putin’s statements come on the heels of the head of Russia’s Central Bank, Elvira Nabiullina’s announcement that the Russian economy’s recovery is almost complete. According to Nabiullina, growth rates are still not high, but they are already close to what is possible given the current structure of industry.  

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The Bank of Russia expects the overall annual rate of GDP growth to be at 1.8%. The International Monetary Fund similarly predicts a growth rate of around two percent, as its officials believe that the Russian economy’s “cyclical recovery” is gaining momentum following the last two years of recession.  

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