The current economic slowdown is closely tied with backlogs of the Russian government, President Putin stresses. The efforts taken to restructure the economy have been insufficient.MOSCOW, December 25 (Sputnik) The difficulties inRussias economy are not only because ofoutside factors, including sanctions, butalso because the government has not worked outsome defects, Russian President Vladimir Putin said Thursday.
The difficulties that we have run intocarry not only an outsidefactor. They are not solely tied tosome sorts oflimitations ofsanctions or limitations tied withthe objective international environment, they are tied toour not working outdefects that have accumulated overthe years, Putin said duringa government meeting inMoscow.
Putin said the government has taken efforts inorder tochange the structure ofthe economy inorder togive it a more innovative nature, butsaid the efforts were belowthe needed measures.
Much has been done inthis butthe latest events have shown that this is insufficient, Putin added.
Russia is currently facing an economic slowdown, withdramatic fluctuations seen recently inthe value ofthe Russian ruble againstthe US dollar and the euro.
The weakening ofthe Russian national currency is attributed tolow oil prices. The sale ofoil accounts fora significant part ofRussian budget revenues. Economic sanctions imposed onMoscow bythe West inthe wake ofthe Ukrainian crisis are also cited amongthe reasons forthe economic slump.
During a December 18 televised press conference, the Russian president said that the country's economic situation could begin toimprove inthe first quarter of2015, withRussia's economy recovering completely overthe next few years.
By Sputnik News
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