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Medvedev certain Russian economy to stand firm without shower of petrodollars

Medvedev acknowledged that the Russian economy’s dependence on the export or raw materials was great, but at the same time it was grossly exaggerated already now

DAVOS, January 23 (Itar-Tass) — Russian Prime Minister Dmitry Medvedev believes that the Russian economy will not collapse even if the shower of petrodollars runs dry.

“We are being asked – what shall we do, if the shower of petrodollars runs dry?” he said at a full-scale session of the World Economic Forum. “Will the Russian economy collapse then? No, it will not!”

Medvedev acknowledged that the Russian economy’s dependence on the export or raw materials was great, but at the same time it was grossly exaggerated already now.

He said the economy over the past few years was growing not so much with oil and gas incomes, as with the production of consumer goods and services. In the longer term it is to bring about a considerable expansion of export of food and intellectual services.

“I am certain that in the future they will be in no smaller demand than oil is today,” Medvedev said.

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