Russia's economy needs to become more dynamic and efficient, Russian President Vladimir Putin said Tuesday.

"We cannot be satisfied with the current growth rate. We have to raise it to levels above the global average," Putin said in an address to an international investment forum in the Russia capital Moscow.

The Russia leader said the country's economy is reviving with its gross domestic product rising over the last four quarters, with the growth rate exceeding two percent in the third quarter this year.

To reach the pre-set targets, the country needs to activate new sources of growth, he added.

Primarily, Russia needs to increase labor productivity through modernizing production and launching new industrial units on the basis of modern technologies, he said.

Russia should keep improving its business climate, stimulate competition and create a more favorable environment to attract investment, he said.

Russia will work to improve the quality of professional education as the country is short of skilled labor, he added.