Putin: Russian Economy Recovering Despite COVID-19 Impact

The Russian economy is gradually recovering despite the impact of the Covid-19 pandemic, President Vladimir Putin noted on Friday at the plenary session of the Saint Petersburg International Economy Forum.

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In his speech, the president described the recovery of people's income and the labor market, one of the areas most affected by the health crisis, as a priority task.

Putin called on his government to work closely with the business community, which plays a crucial role in developing the labor market and economic recovery.

However, he stressed that thanks to swift and timely measures, the domestic economy and the labor market are closer to pre-crisis levels. As a result, they could save millions of jobs and prevent a sharp decline in their citizens' income.

The head of State acknowledged that many of the country's problems are not related to Covid-19. In this regard, he drew attention to the high youth unemployment rates and tensions in labor markets in different countries.

To tackle these problems, Putin ordered the launch of a permanent national program to support youth employment shortly, including measures to support youth entrepreneurship, he insisted.

Putin recommended boosting economic development and investment in every territory of the country and eliminating obstacles and outdated measures that hinder the development of these projects.

The president noted that every region has economic and investment potentials. However, he said that they need to identify them effectively and implement them to benefit citizens and the well-being of Russian families.