Russian President Vladimir Putin Says Russia Enters a New Economic Growth Cycle

Russian President Vladimir Putin stated in his State of the Union address that the Russian economy is now entering a new economic growth cycle and that its economic structure and model are undergoing qualitative changes. First, a new global market will be formed, including the Asia Pacific region and Russia. The second is to supply high value-added goods rather than raw materials, unleashing Russia's enormous potential in various fields. Third, the Russian economy has overcome various unpredictable risks, including sanctions, and responded promptly to national and enterprise level issues. Fourth, the private economy and small and medium-sized enterprises have played a significant role. The fifth is to avoid excessive administrative supervision and state intervention in the economy. Sixth, the labor market has been prevented from shrinking and the unemployment rate has decreased. Before the epidemic, the unemployment rate in Russia was 4.7%, and now it is 3.7%, reaching a historical low.