Economy needs to become more dynamic and efficient: Putin

Russian President Vladimir Putin has said Russia's economy needs to become more dynamic and efficient. In an address to an international investment forum in the Russia capital Moscow, Putin said Russia cannot be satisfied with the current growth rate and have to raise it to the levels above the global average. 

Xinhua cited Putin as saying the country's economy was reviving with its gross domestic product rising over the last four quarters, with the growth rate exceeding



two per cent in the third quarter this year. To reach the pre-set targets, the country needs to activate new sources of growth, he added.

Primarily, Russia needs to increase labour productivity through modernising production and launching new industrial units on the basis of modern technologies, he said. Russia should keep improving its business climate, stimulate competition and create a more favourable environment to attract investment, Putin noted.