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The President also drew attention to the excess property owned by the state and said that the state should manage only the property it needs to carry out its public functions, ensure state power and protect the country’s security. State-owned property should not exist simply as a source of prosperity for those in charge of it.

Mr Putin called for reform of the entire public sector that would make it possible for the state to guarantee it can meet its commitments.

The economy needs to diversify in order to improve peoples’ living standards and quality of life. Among the steps that must be taken are doing away with outdated and uncompetitive businesses, creating an economic environment that encourages innovation and new technologies and making consistent effort to lower inflation through maintaining a stable exchange rate and paving the way for a fully convertible rouble.