Vladimir Putin: Russia's crisis is over

 Vladimir Putin: Russia's crisis is over

Crisis in Russia is over, Russian President Vladimir Putin said during his annual Q&A call-in session, adding that Russia has moved to a period of growth. 

"Recession in the Russian economy is over, we have entered a period of growth," the Russian leader said.

Putin has added that Russia’s GDP has been rising for three quarters in a row. However Russia’s economic structure, low labor productivity remain issues of Russian economy, Putin said.

"Real income of citizens has decreased here over the past years. It is very alarming that the number of people living below the poverty line with salaries below subsistence line has grown," the president said during the Q&A.

Putin added that today this figure stands at 13.5%. "Over the past years the number of these people has grown to 13.5%. It seems that this is not that much, but this percent refers to tens and hundreds of thousands of people and their fate," the president said.

Putin stressed that labor productivity growth is the key aspect for improving living standards and the current structure of the Russian economy is not satisfactory.

"In this respect, we can say about the low labor productivity," he said. "If we do not raise it, then we do not have new jobs, and income will not grow,"he noted.

While commenting on the positive results in social welfare, President Putin noted that "as a result, the life expectancy has increased. It was a little over 70, now it's 72 years.

It is the 15th President Vladimir Putin’s annual direct line.

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