Putin warns that gas and oil addiction is not enough to survive (Video)

The “Russia Calling” forum includes panel discussions, as well as separate meetings between international investors and Russian business representatives. The event is scheduled to end on 26 October, reports “Sputnik International” Transmission Periscope.

Kremlin spokesman Dmitry Peskov told “Sputnik” that Russian President Vladimir Putin briefly spoke with Qatar Finance Minister Ali Sharif Emmadi at the forum.

https://www.facebook.com/SputnikNews/videos/101558997846181/

“If oil and gas revenues amounted to more than half of the budgetary income, 51.3 per cent, then this year around 39 per cent”, Putin said.

The federal budget dependence on the oil market situation will be reduced with confidence”, he added.

He further said that the Russian “government expects the deficit to drop from 8.5 per cent to 5.9 per cent of Bruto Local Product since early 2019 and the total federal budget deficit will be less than 1 per cent”.

Thus, in the next three years, oil and gas revenues will become only 1/3 of all revenues in the Russian budget, according to the president.

Commenting on the state of the Russian economy, the Russian president noted the end of the stagnation and said Moscow is ready to boost co-operation at the international level.

However, Putin expressed disappointment with the current rate of Russian economic growth, saying it should be greater than the average global index. As he explained, some structural restrictions currently hinder the solution to this problem.

In addition, Putin cited improving the business climate in the country, promoting competitiveness and creating more comfortable conditions for investment as part of Moscow's plans to improve the country's economy.

He also called the digital economy and launching new business models as one of the main factors that would enable Russian companies to become more competitive and strengthen the economy as a whole.

“I am convinced that the development of the digital economy, the launch of new business models will enable Russian companies to become more competitive and, in general, to diversify the economy, to promote the development of industries and markets based on advanced technological solutions, and to offer higher living standards for Russian citizens”, Putin said.

The Russian president has voiced confidence in Russian Central Bank policies amid existing threats.

“The capital balance and external trade recovery is strengthening the country's balance of payments, Russia's gold and currency reserves have increased by 13 percent since the beginning of the year, the exchange rate has stabilised”.

He explained that it is necessary to achieve a balance between maintaining stability and actively supporting new factors in the economy.

Putin stressed that this would ensure the stability of the economy, stability of public finances and the banking sector, as the basis for a positive and long-term development.

Putin has announced that increased investments in Russia reached 4.2 per cent within nine months of this year, while inflation in the country has slowed to 2.7% compared to last year.

He underlined that food exports increased by 4.9% to reach $17.1 billion, exceeding arms exports.

According to the president, increased industrial production in Russia during the three quarters of 2017 was 1.8%. Since the second quarter of this year, the growth rate of Bruto Product has exceeded two per cent.

The president noted the agricultural sector as Russia's largest non-Energy exporter. As he said, in January-August of this year, foreign remittances of raw food and agricultural materials increased by 19.6%, reaching $19 billion../Periscopi/