Russian President Vladimir Putin said his country’s fiscal situation is “generally stable and does not pose a risk to macroeconomic stability.”
Speaking at a government meeting, Putin praised the Russian economy which he said would be among the world’s top five economies by 2022.
The Russian president claimed that the Russian economy has surpassed Germany in terms of purchasing power parity and economic volume. He assured the country’s fiscal situation is stable with a budget deficit at the end of this year set at around 2% of GDP.
“We need to make efforts by, among other things, limiting unproductive speculative demand in the economy, controlling capital outflows, monitoring the behavior of the main actors in the financial market,” he said.
Putin also instructed the government and the Central Bank to use economic tools “more actively” to counter volatility in financial markets after the ruble exchange rate plunged to its lowest level since the beginning of the conflict in Ukraine. (s/f)