Russia has largely restored its economy after the global financial crisis, Prime Minister Vladimir Putin said.

“We have restored our economy to two-thirds of the pre-crisis level. The ruble exchange rate is stabilizing, and the gold and currency reserves are growing,” Putin said during the Crisis 2008 program on the Rossiya 1 TV channel.

“A bigger growth rate should be sought,” the premier said. “This should be done… while developing a so-called new, innovation-based economy.”

He praised the country’s leadership for avoiding big mistakes during the crisis.