Putin sets task of reaching Russian investment growth of 5-7 percent annually

Russia is to launch a new investment cycle in order to achieve an annual investment growth of 5 to 7 percent, President Vladimir Putin said Wednesday.

"I look forward to the joint work of the Russian government and the central bank" to achieve the goal, Putin said at a meeting with senior officials, according to a Kremlin transcript.

A high rate of economic expansion is the basic condition for successful social development, creating jobs, increasing real incomes and population growth, he said.

Russia has all the factors to provide macroeconomic stability and reduce the vulnerability of its economy to external impact, he added.