Speaking at the closing ceremony of the BRICS Business Forum, President Vladimir Putin explained how Russia managed to escape the economic downturn.

"For many years, we have adopted a balanced macroeconomic policy in Russia. We are responsible for public finance, maintaining a stable credit and banking market, and we seek to contribute. strengthening key economic sectors. Thanks to that, we have avoided the recession of the national economy, "explained the Russian President.

However, he emphasized that Russia’s GDP growth since the beginning of the year has not reached the set goal and the government is trying to create optimal conditions for new investments. "We are working hard to simplify the procedures and we are setting up a modern infrastructure," he added.

Putin also noted Russia’s active participation in international trade, as well as strengthening mutually beneficial relations with foreign countries, especially with BRICS countries. According to the Russian President, trade between Russia and BRICS increased by 22.5% in 2018, reaching over $ 125 billion.

Putin reiterated that in October last year, the World Bank once again adjusted to increase the index of business and investment environment in Russia.