Putin sees Russian economy stable, calling for higher growth

Russian President Vladimir Putin said Wednesday that the country's economy is stable despite certain problems, calling for higher growth. "In general, situation in economy is stable. Last year, despite certain problems, it has demonstrated positive results," Putin told a government meeting in the city of Sochi. He admitted that the government had expected better results in 2013, saying that current forecast of economic growth has been non-satisfactory. In 2013, Russia's gross domestic product (GDP) grew by 1.3 percent, Putin said, adding that more dynamic growth is needed. "For our economy that pace is not sufficient," the Interfax news agency quoted him as saying. On Wednesday, the High School of Economy, a leading Russian think tank, forecast that the Russian economy will head to stagflation in 2014 with sluggish GDP growth and speeding inflation rate. The president said the government's primary task is to sustain macro-economic stability and to tame inflation amid domestic and global risks. Thus, the government must focus on providing financial support for real sectors of the economy so as to create stimulus for the industrial development, as well as medium and small-sized businesses, Putin said.