World Economy

Russian Economy Stabilizing

Russian Economy StabilizingRussian Economy Stabilizing

Russian President Vladimir Putin, in a speech at the G20 summit in China, struck an upbeat tone on the Russian economy, saying it had stabilized, and pledged to cut the country’s budget deficit as well as its dependency on oil and gas exports, Reuters reported. “Our economy has stabilized .... We plan to reduce the budget deficit further, and to continue to work on cutting the budget’s revenues dependency on the exports of hydrocarbons,” Putin said. “Inflation has reduced two times. The budget deficit stands at 2.6%. Unemployment is kept at a low level—5.7%. External debt is maintained at 12% a year,” he said.