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Russian PM says economy should be overhauled

September 22, 2016, 8:35 UTC+3 MOSCOW

The premier says the country's economy is undergoing a period of deep transformation

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MOSCOW, September 22. /TASS/. Russia’s economy should over the next few years undergo an overhaul to remain competitive in the world, Prime Minister Dmitry Medvedev said in an article entitled "Russia’s social and economic development: acquisition of new dynamics" for the Voprosy Ekonomiki (Economic Issues) magazine.

"The Russian economy is undergoing a period of deep transformation, and over the next few years, our country is in for an overhaul of its economic system, which corresponds to the challenges and changes taking place in the global social and economic order," Medvedev said.

He said the "global crisis that started in 2008 and continues up until now forms a new agenda facing both developed and developing countries."

"Russia is not an exception; we are in for forming a model of development capable of ensuring for our country a significant place in the modern world," Medvedev said.

Medvedev said small business should become an important factor of economy diversification.

"The authorities should fulfill commitments they undertook to influence transparency of business, in particular, predictability in the tax policy," the article said.

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