Medvedev: Russia has not experienced such powerful challenges to the economy

Medvedev: Russia has not experienced such powerful challenges to the economy


A number of basic principles in the global economy and its key institutions have been disrupted over the past year, said Prime Minister Dmitry Medvedev.

MOSCOW, 13 Jan. Russia never had to deal with such a powerful simultaneous calls for the economy as it is now, said Prime Minister Dmitry Medvedev.

“Last year was really heavy, maybe even the worst in the last decade. Our economy have not had to face such a powerful, and most importantly simultaneous challenges as the sharp fall in oil prices, sanctions pressure and a marked change in the whole paradigm of the world economy,” Medvedev said at the Gaidar forum.

According to him, a number of basic principles in the global economy and its key institutions were violated and “we have yet to understand whether this was a temporary failure of the system or it is time to formulate new laws of coexistence”.

“Traditional recipes stop working, the usual regulatory institutions fail. Structural problems are not only for developing countries but for developed, not only to the raw powers, but also to the consumers of the resources. A striking example of this is the oil market, where by the end of 2015, a proposal ahead of demand, but production keeps growing,” he said.