Russian President Vladimir Putin called for a structural change to the economy and its efficiency during his annual address to the Federal Assembly on Wednesday.

“In 2021, Russia’ GDP growth rates should be above the global average,” he said, adding: “To get such a dynamic, it is necessary to launch a new investment cycle, to boost investments in creation of jobs, infrastructure, development of industry, agriculture and services sector.”

Starting from 2020, annual growth investments should be at least 5 percent, and their share in the GDP should be increased from the current 21 percent to 25 percent in 2024, according to the Russian president.

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Putin said that the inflation rate in 2019 stood at 3 percent, well below the projected target of 4 percent.

He called low wages a “direct threat” to the wellbeing of Russian citizens. Raising income levels is a major task for the government and the Central Bank of Russia, he added.

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