16 Mar 2022 17:37

Russian economy to adapt to new realities; temporary inflation, unemployment growth possible during restructuring - Putin

MOSCOW. March 16 (Interfax) - The Russian economy will definitely adapt to new realities, but structural changes might result in temporary growth of inflation and unemployment, Russian President Vladimir Putin said.

"The Russian economy will definitely adapt to new realities. We will bolster our technological, our scientific sovereignty. We will allocate additional resources to support agriculture, manufacturing, infrastructure and housing construction. We will continue to develop foreign trade relations with fast-growing, dynamic international markets in mind," he said at a meeting on measures of socio-economic support for Russian regions.

"The new realities will of course require profound structural changes in our economy, and, I'll be honest, they will not be easy, they will lead to temporary growth of inflation and unemployment," he said.

"In this situation, our task is to minimize such risks, not only rigorously fulfilling all the state's social obligations, but also launching new, more effective mechanisms to support citizens and their incomes," he said.