Putin says Russia’s recession hasn’t been all that bad

Vladimir Putin announced today at an economic forum in St. Petersburg that Russia’s economic crisis has turned out to be less severe than most had expected, saying the economy enjoys reserves sufficient for overcoming the country’s recent and ongoing difficulties.

Putin confirmed that GDP and industrial production continue to fall in Russia, as well as rising consumer prices, but he expressed confidence that the authorities would soon regain control over inflation. The President highlighted that the country has managed to avoid a jump in unemployment, and he cited progress in the effort to substitute various imports with domestically produced goods.

In his speech, Putin dedicated special attention to Russian advances in education, especially in science and engineering. Nevertheless, he stressed the need to improve the government’s performance and introduce new training to promote greater efficiency in the civil service.

Both early and late in his remarks, Putin stressed that Russia is open to partnerships with other countries, promising to continue cooperation with the West on various issues.

• According to the federal government, 22.9 million people in Russia (roughly 16 percent of the population) were living below the poverty line in the first quarter of 2015. During the same period last year, this figure was 19.8 million people, and the number of Russians who spent all of 2014 in poverty is estimated to be 16.1 million.
• Inflation in Russia has grown to more than 8 percent since the beginning of 2015. Officials in the Ministry of Economic Development expect inflation to reach 11.9 percent by the end of the year.