Russian President Vladimir Putin claimed on Thursday (March 11) that 2020 was the most financially disastrous year on a global scale since the Second World War.
“I have already mentioned this and I will say once again that the last year was the toughest year for the global economy since the end of the Second World War,” the Russian leader said during discussions in Moscow on rescuing the economy. He added that the global GDP shrunk by 3.5 per cent last year.
“This happened due to objective reasons, such as the epidemiological situation and the need to introduce restrictions, which affected the business and the dynamics of the economy in general,” he continued.
But Russia has already started recovering, the unemployment rate has been dropping, and the domestic demand is positive, Putin said.
"Owing to timely, well-calculated measures of supporting industries and business, we managed in broad terms to overcome the slump in the economy and achieve its recovery," he said.
The Russian head of state also stated that business is free to make decisions on investments, but it is better to invest at home, in Russia, instead of keeping money in "safe havens" abroad.
"Of course, heads of companies, shareholders must make decisions related to investment activity and investment plans themselves. But, bearing in mind that we work in conditions of great uncertainty and a large number of uncertainty factors, I repeat it - it is [you] who decide [where to invest ], but better to do it at home. It is calmer and safer here,"
Russia also intends to create favorable conditions for domestic investment Kremlin spokesman Dmitry Peskov told reporters on Friday (March 12).
"The state is going to and is obliged to create the most favorable conditions for internal business investments. This is the only way to attract these investments - and nothing else," Peskov said.
With reporting by TASS