Medvedev: “The Weather in the Russian Economy is Changing”

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March 4, 2017 – Fort Russ News – 

RIA Novosti – translated by J. Arnoldski – 

Russian Prime Minister Dmitry Medvedev has announced that the Russian economy has entered a stage of growth. In 2017, he expects a growth range of 1-2%, and the government’s plan of action for until 2025 aims at growth targets of 3% or higher. 

“The weather in the economy is changing. It is completely obvious that our economy has entered, albeit not yet confidently, what is nevertheless a stage of growth. The fall has ended. In this year, we expect economic growth in the range of 1% to 2%. This is not bad at all because this is essentially the European growth level, albeit one would want it to be more. And the program which we are now preparing, the government’s action plan for until 2025, aims for 3% or more growth for our economy in order to cover the global figures for growth,” Medvedev said in an interview on Saturday.

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“It is very important that we have nevertheless managed to cope with inflation. Even relatively recently, it looked like inflation was once again going to rage after the devaluation of the ruble,” the prime minister added.

Medvedev explained: “[Inflation] was in the double digits, and this very harshly hit the incomes of the population, which no one in particular liked except for maybe some individual segments of the business sector that have always won with devaluation.”

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Earlier, in his address to the Federal Assembly, Russian President Vladimir Putin instructed the government to develop a substantive plan for the country’s economic development until 2025 which would allow Russia to reach economic growth rates higher than global ones at the turn of 2019-2020. Medvedev subsequently instructed ministers and public organizations to present a plan by March 9th. 

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