MOSCOW, June 5 (Xinhua) -- Russian President Vladimir Putin on Friday called for launching a new investment cycle to restore economy, as Russia's economic growth has moderated.
Speaking at a plenary session of the 29th St. Petersburg International Economic Forum, Putin said Russia continues to strengthen its sovereignty and expand cooperation with international partners despite a challenging and difficult environment.
He said Russia's economic growth has moderated, but the government has been tasked with returning the economy to sustainable growth rates starting next year.
According to Putin, achieving this goal will require increased capital investment and the launch of a new investment cycle.
He said economic growth should be balanced, supported by domestic demand and accompanied by lower inflation. He added that inflation has already slowed significantly and is expected to approach 5.2 percent this year.
Putin also noted that the dynamics of industrial production, gross domestic product, and consumer activity in Russia remain positive.
Russia has preserved the foundations of its macroeconomic policy, Putin said, adding that he is confident that the country's economy will continue moving forward.
