Some tough words from President Dmitry Medvedev about the state of the Russian economy and the need to make urgent reforms. These comments are likely to be followed by
decisive actions and changes more comments.
He told Russian political party leaders in the southern city of Sochi that Russia was “treading water” by not implementing reform and needed to urgently change the structure of its export-dependent economy.
“We cannot develop any longer like this. This is a dead end. And the crisis has put us under such conditions that we will have to take decisions about changing the structure of our economy.
“Otherwise our economy has no future,” he said in comments broadcast on Russian television. (…)
“Why? Because we did not change the structure of our economy. Our economy is based on hydrocarbons, natural resources and their sale for export.
“As soon as there is a radical change in the global economy, the budget income changes.”