Medvedev: Russia on the right track
“Russia has successfully overcome the most difficult period of global economic instability, and has returned to pre-crisis growth levels. Our economy is growing by around 4%, which is faster than most developed countries. We have kept Government debt at a very low level and meet all our liabilities. Russia has become the world's 6th largest economy,” the President said in his address to Russia's Federal Assembly on Thursday.
Among other economic achievements this year is reduced inflation, which went down to its lowest in the history of the new Russia to under 7%. Salaries, social benefits are also at their highest since the Soviet times, President added.
“However, of course they still fall short of the desired figures. There are too many poor people in the country still, although their number has reduced this year to the smallest figure for the past 20 years," the President said.
Medvedev also outlined economic integration, boosting competition, fighting corruption and increasing the role of small business as top priorities in the country's economic policy for the coming years.
And in an interview with Business RT Jacob Nell, chief economist at Morgan Stanley Russia, agreed Russia performed quite well during the year. Short term challenges remain, as capital outflow could accelerate and uncertainty at both company and international levels should rise.
However, “in the medium term the leadership is tackling the key issue the country is facing,” Nell concluded.