Medvedev: Russia's economy will undergo a 'far-reaching renewal' in the coming years

Russian Prime Minister Dmitry Medvedev published an article entitled “New dynamics in Russia’s social and economical development” for the journal Economic Issues, in which he analyzed the current economic politics of Russia.

In the coming years the Russian economy will undergo “a far-reaching renewal,” provoked by the world’s “challenges and changes,” Medvedev wrote.

“We will have to establish a new form of development that is able to provide our country an important place in the modern world. It is not a trivial task however Russia deals with it, not at first. In the past the country managed to find solutions for global challenges. There are no grounds for assuming that the situation will be different,” the prime minister noted.

The head of the government outlined five key directions for social and economical development: optimization of the budgetary policy, structural policy (including import substitution), improving the investment and business environment, improving the quality of the state itself and development of the social sphere.

The article stresses that Russia will continue “to move steadily towards foreign economic openness.” It will be implemented through the establishment of free trade areas with individual groups of countries and also through preferential trade agreements.

Medvedev also promised that, on the basis of the 2016 results, inflation will not exceed 6%.

“Timely decisions to switch over to the inflation targeting regime allow savings of gold and foreign currency reserves, and ensure the sustainability of the monetary system. Inflation has been decreasing constantly and, on the basis of the 2016 results, will not exceed 6%. And the target indicator of 4%, which recently seemed fantastic, is now taking real shape,” the article reads.

In September 2009, Medvedev published an article about the economy entitled “Go Russia!” in which he invited cooperation from those who were against his course and also from those who support his policy.

“Should we continue sticking to the primitive economy based on natural resources, chronic corruption, a long standing habit to rely on the state to address problems, on foreign countries, on some ‘all powerful doctrine,’ on anything, anyone, except ourselves? Does Russia have its own tomorrow overloaded by such burdens?” he wrote.

  Russia, Economy of Russia, Medvedev