“Increasing the country's economic potential is the main source of additional resources. For this we need an economy with growth rates exceeding the global level,” he said. “This isn't just a wish, but a basic condition for a breakthrough in resolving social, infrastructure, defense and other tasks.”

An increase of the gross domestic product (GDP) per capita by 1.6 times by mid-2020 is one of the key tasks, according to the president.

“This is a very challenging task but I am confident that we are ready to solve it.”

Putin also stressed the necessity to reduce the public sector’s share of the economy.

“To let the economy work at full capacity, the business climate must be improved dramatically, with the highest level of business freedom and competition.”

The president set a goal to cut poverty minimum in half in the next six years, saying the well-being of Russians and their families should be the top priority.