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    Russian President Vladimir Putin delivers the annual Presidential Address to the Federal Assembly

    Putin: Russia Needs to Reverse Trend of Zero Economic Growth

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    Putin's Address to Federal Assembly 2014 (24)
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    During his address to the General Assembly on Wednesday Russian President Vladimir Putin stated that the quality and scale of the Russian economy should correspond to the country's geopolitical and historic role and should show GDP growth rates higher than worldwide average in several years.

    MOSCOW, December 4 (Sputnik) — Russia's economy should overcome its zero growth and show in several years GDP growth rates higher than worldwide average, Russia's President Vladimir Putin said during his annual address to the Federal Assembly Thursday in St. George's Hall in the Kremlin.

    "The quality and scale of the Russian economy should correspond to our geopolitical and historic role. We should escape from the trap of zero growth rates and in three or four years show the rates that will be higher than the world's average," Putin said.

    Russia's economy has shown low growth recently. In 2013 GDP grew by 1.3 percent compared to 3.4 percent and 4.3 percent in the two previous years, according to official Russian economic statistics.

    On December 2, Russia's Economic Development Ministry stated that the country's GDP growth forecast for 2014 was 0.6 percent. A 0.8 percent decline in GDP is expected in 2015 against growth of 1.2 percent in the previous version of the forecast. A recession is expected in the first half of 2015.

    In recent months, the Russian economy has shown signs of a minor slowdown due to geopolitical tensions over the situation in Ukraine and the continuing decline in oil prices.

    According to the Russian constitution, the president addresses the Russian Federal Assembly every year with a speech focusing on the country’s current situation and on the main aspects of domestic and foreign policy. Leaders of the Constitutional, Supreme and Arbitration courts, regional governors, heads of traditional religions and other prominent public figures take part in the event along with deputies and senators.

    The first address was made by Boris Yeltsin on February 24, 1994. This year, this tradition celebrates its 20th anniversary.

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    Putin's Address to Federal Assembly 2014 (24)

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    economy, GDP, economic growth, Federal assembly, Vladimir Putin, Russia
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