Thursday 8 January 2015

President Vladimir Putin: A force for good


During Putin's first premiership and presidency (1999–2008), real incomes increased by a factor of 2.5, real wages more than tripled; unemployment and poverty more than halved, and the Russians' self-assessed life satisfaction rose significantly.

Putin's first presidency was marked by high economic growth: the Russian economy grew for eight straight years, seeing GDP increase by 72% in PPP (as for nominal GDP, 600%).

As Russia's president, Putin and the Federal Assembly passed into law a flat income tax of 13%, a reduced profits tax, and new land and legal codes.

As Prime Minister, Putin oversaw large-scale military and police reform.

His energy policy has affirmed Russia's position as an energy superpower.

Putin supported high-tech industries such as the nuclear and defense industries. A rise in foreign investment contributed to a boom in such sectors as the automotive industry.

However, capital investment recently dropped 2.5% because of the crisis in Ukraine according to forecasts by economists from the IMF.

Putin has cultivated an image of a strongman and a popular cultural icon in Russia.

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