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Russia can successfully pass 2nd crisis wave - Medvedev

November 11, 2011, 9:49 UTC+3

The GDP growth in Russia this year is expected to be 4 - 4.5 percent, higher than in many countries

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KHABAROVSK, November 11 (Itar-Tass) — Russian President Dmitry Medvedev believes that Russia is capable of successfully passing the second wave of the crisis.

“We sometimes disparagingly treat ourselves, but after all we have the sixth largest economy in the world, and it gives us a chance to survive in the global economic space,” the president said. “Forecasts vary, but in general, our situation is somewhat better than in some European countries,” he said.

According to Medvedev, the GDP growth in Russia this year is expected to be 4 - 4.5 percent, higher than in many countries, inflation is projected at the lowest level in modern Russia’s history - 7 percent. In addition, the industry has been returned to pre-crisis level, and unemployment is significantly lower.

“But if we say that we protected from the problems this would be a lie,” the president said. “We must minimise our dependence on the fluctuations on the raw materials market,” he said, adding that this requires diversification of the economy. “Therefore, our task is to comprehensively develop the industry, to carry out, if you want, a new industrialisation,” Medvedev noted. “If this is achieved, we will be more warded off the negative impact,” he said. “I am a moderate optimist in this sense,” said the president.

Medvedev recalled that the first wave of the crisis was unexpected for many. “But we overcame it,” he said. According to him, at present there are “many difficulties, especially in the euro area.” “This is due to the fact that for a long time the counties have not been able to agree on the principles of overcoming the crisis,” said Medvedev. At the same time he reiterated that the situation in Russia is slightly more stable. “This is the best guarantee that we will pass this period calmly,” the president said.


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