Vladimir Putin Quotes About Economy
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Our anti-crisis policy is aimed at supporting domestic demand, providing social guarantees for the population, and creating new jobs. Like many countries, we have reduced production taxes, leaving money in the economy. We have optimised state spending.
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If the world economy is divided into isolated economic blocs of this kind, it will be rather difficult to achieve the same interpretation and application of international rules of economic activity and world trade.
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We can tell the general public that the gold and foreign currency reserves of the Central Bank are not designed to finance the economy, but rather to ensure foreign trade turnover. Therefore, we need this level to be able to provide the necessary foreign trade turnover for such an economy as Russia's for a period of at least three months.
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We are currently gradually stabilizing our economy.
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I believe that the 21st century economy is an economy of people, not of factories. The intellectual factor has become increasingly important in the economy, which is why we are planning to focus on providing additional opportunities for people to realise their potential.
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We have established the Customs Union and the Eurasian Economic Union not by force, but through a compromise. It was a challenging, complicated, multi-year process based on agreement, compromise and mutually acceptable conditions in the hope of creating for our economies and for our people better competitive advantages in the world markets and in the world as a whole.
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In other words, we do not have to be obsessed with privatizing immediately and at any cost. No, we will not do it at any cost. We will do it in a way that ensures maximum benefit for the Russian state and the Russian economy.
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We have already begun taking concrete steps to change the structure of our economy and, as we have discussed a great deal, to give it a more innovative quality.
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This is not only a matter of relations between Russia and the United States. In my view, any restrictions in the economic sphere that are dictated by considerations of political expediency are extremely harmful for the world economy as a whole. This destroys unity and the rules of the game.
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Our microeconomic indicators are stable and it gives me reason to believe that we will calmly and steadily pass this uneasy period in our economy, which has already no doubt adapted to the current situation.
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I repeat that, in my opinion, the European Commission and the leading European economies are acting very pragmatically and are on the right path.
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Our economy has become completely different, on the whole. The size has changed. The economy has almost doubled in size. And the quality is changing, not as fast as we would like it to, but the structure is changing. Our Armed Forces are completely different today from what they were, say 15 years ago or so. All of this, including our great history, great culture, all of this, not just what we see today, is what makes the vast majority of Russia's citizens feel proud for their country.
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We believe in the fundamental principles of the European economy.
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It is very difficult to enter a single currency zone having fairly weak economic parameters and maintain a favourable state of the economy, not to mention positive growth rates. We have witnessed it not only in Europe, but for example in Argentina (nearly 10 years ago or more), when they tied the national currency to the dollar and later they did not know what to do about it.
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Then, the specialists themselves, probably believe that in the course of EU expansion, for example, some elements concerning the readiness of some economies to enter the Eurozone have not been taken into account.
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We still have a great amount of work to do in social development, including resolving one of the biggest challenges we face in this area, namely, reducing the gap between high-income earners and people, citizens of our country, who are still living on very modest means indeed. But we cannot, of course, adopt the solution used 80 years ago and simply confiscate the riches of some to redistribute among others. We will use completely different means to resolve this problem, namely, we will ensure good economic growth.
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Therefore, let me reiterate that the rate should not meet the interests of a specific group or one or two groups, it should meet the fundamental development interests of the economy itself.
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Please, accept the most sincere words of sympathy over the natural disaster that affected the United States . I know that hurricane Katrina that hit the US south-western coast led to casualties, left homeless dozens of thousands of US citizens and inflicted a strong damage to the economy of this region. I ask you to convey my condolences to the next of kin of those killed,.
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There is no need for the Russian state to hold such large stakes and we do intend to put our plans into practice. It is not about whether we want it or not, it is about this being practical or not and the best timing. In general, it is practical from at least one point of view - from the point of view of structural changes in the economy.
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Any country is hard to govern, even a very small country. It's not a question of whether the country is large or small. It's a question of how you relate to the work, to what extent you feel responsible for it. Russia is also hard to govern. Russia is at the development stage of both its political system and the creation of a market-based economy. It's a complicated process, but very interesting. Russia, actually, is not just a large country, it's a great country. I mean its traditions, and its cultural particularities.
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I'm an adult and I know what power means in the modern world. In the modern world, power is mainly defined by such factors as the economy, defence and cultural influence. I believe that in terms of defence, Russia is without any doubt one of the leaders because we are a nuclear power and our nuclear weapons are perhaps the best in the world.
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Then there is another area of activity - economic interaction between Russia and the United States. Right now, for example, it has already been made public that we signed a large deal to privatise one of our biggest oil and gas companies, Rosneft. We know for sure that US companies, as well as Japanese ones, by the way, are keenly interested in cooperation in Russia's oil and gas sector, in joint work. This has immense significance for world energy markets and will directly affect the whole world economy.
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It is true that the role of the state in the Russian economy may be too big today, but from the fiscal standpoint, it is not always practical to do this in a falling market.
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I have criticized foreign policy, but that does not mean that we should agree with everything. Indeed, we criticize a lot of things, we think that our partners make many mistakes [may be we make mistakes too, no one is immune to making mistakes], but as for the economy, I repeat that, in my opinion, the European Commission and the leading European economies are acting very pragmatically and are on the right path.
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There are many issues in the global economy in general and in the western economy as well: population ageing, drop in labour productivity growth rates. This is obvious. The overall demographic situation is very complicated.
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This is also evident in Europe, not the dependence on oil and gas, but the fact that structural reforms are long overdue, and I think that the leading economies are very pragmatic and efficient in addressing the issues facing the European economy. That is why we keep approximately 40 percent of our gold and foreign currency reserves in euros.
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The Central Bank should take into account other things as well: the stability of the bank system in the country, the increase or decrease of money supply in the economy, its influence on inflation.
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If we speak about fundamental things, regulation of the rate is actually the function of the main regulator, namely the function of the Central Bank. And it should think of how the economy and industry react, but also of its fundamental tasks in order to ensure the stability of the rate.
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Take the creation of the Pacific partnership or the creation of the Atlantic partnership. We are somewhat concerned because this is being done bypassing the World Trade Organisation, since it has proved impossible to reach compromise solutions with developing economies within the framework of that organisation. Is that good? Not really, in my opinion.
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They [leaders in Western Europe] do not misuse financial instruments, financial injections, but, first of all, seek structural change. This is urgent for our economy as well, maybe even more urgent bearing in mind the problem that we cannot yet deal with, namely the prevalence of the oil and gas sector in the Russian Federation and, as a result, dependence on revenue from oil and gas.
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