Agricultural products are sold at a market in Moscow (Photo: AFP/ VNA)

In an interview with American broadcaster NBC that aired over the weekend, Mr. Putin said the number of people living below the poverty line has fallen by half, though the number still living in poverty remains high.

By noting that the country's gold and currency reserves are growing, President Putin said this provides an opportunity to "take the next step" towards enhancing labor efficiency, attracting investment and altering the structure of the Russian economy.

During President Putin’s first two tenures, Russia saw rapid economic growth with the highest rate being 7 percent. According to the International Monetary Fund’s forecast, the country’s growth is likely to reach 3.9 percent this year.