ST. PETERSBURG, June 7. /TASS/. Russia’s economy has already overtaken Japan and Germany, but it needs to sustain this growth going forward, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"We have set a goal to enter the top four largest economies in the world. By the way, according to some data, including World Bank estimates, just last week the World Bank made additional calculations and put Russia in fourth place. We found ourselves ahead of Japan. Russia ranks fourth in terms of GDP in terms of purchasing power parity, as I said, ahead of Japan," he said.

"But what I would like to note is that the matter, of course, is not in the systems for assessing and calculating GDP, and not even in formally reaching fourth place. Russia, the Federal Republic of Germany, Japan - we are somewhere nearby, the difference is small. We are ahead, but the margin is small. But we understand that leadership positions need to be constantly confirmed and strengthened. Other countries are also not standing still," the President noted.

Putin stressed that it is important for Russia to ensure consistently high rates and quality of growth in the long term.

"This is our task today. And the point is not only in the economies of Germany or Japan that are next to us on the scale, the point is that other countries are not standing still. Indonesia is on everyone’s heels. The population is growing, the economy is developing. We must never forget about this," the President added.

According to him, Russia must navigate these waters by strengthening financial, technological, and personnel sovereignty, increasing production capacity and increasing the competitiveness of Russian products, both in foreign markets and in our own domestic market.