Moscow: Russian Prime Minister Vladimir Putin told investors Tuesday that he would reduce the state’s ownership of companies over the coming years to allow for better growth.
Putin addressed Russian and foreign investors at a Moscow business forum intended to attract new interest in Russia’s staggering economy.
He said there will be “no return to the past” and that Russia will remain what he called a “liberal market economy.”
Finance minister Alexei Kudrin told the forum that up to half of Russia’s economy is dominated by the state. He suggested that was impeding growth.
Russia’s oil-fueled economy has been hard hit by the global crisis and is expected to shrink by up to 8.5% this year.