President Vladimir Putin said Russia has almost adapted to new economic conditions.

Axar.az reports that, the period of adaptation of Russian economy to new conditions is left behind, long-term development plans become priority, Russian President Vladimir Putin said on Thursday.

"Even in the period of economic instability we did not lose the sight of long-term development plans. Now that the adaptation period to the new conditions is almost over, these issues become the key ones," Putin said at the meeting of the Russian Union of Industrialists and Entrepreneurs.

The president added that the Russian government was wrapping up a plan to increase the growth rates of the country’s economy, that should excel the world rates as early as by the turn of 2019-2020.
Russia faced an economic downturn in 2014 because of the global slump in oil prices and economic sanctions imposed on Moscow by many Western countries on the pretext of Russia’s alleged involvement in the Ukrainian crisis.