Eastern Europe News

Medvedev Says Russian Economy Avoided Catastrophe

Russian Prime Minister Dmitry Medvedev presented his report to the parliament on Wednesday.


Medvedev said the Russian economy had avoided “catastrophe” despite low world oil prices and Western sanctions over Moscow’s interference in Ukraine. Contrary to the predictions of a “catastrophe,” Russia’s economy is developing, he said. The challenges, he stressed, do not frighten anyone in the country, but in the contrary – they give the stimulus to develop.


As noted during his speech, the work of the government in 2016 is recognized not only by those who sympathize with Russia. “Progress is seen even by those who are not in sympathy for our country,” said the head of the Russian government. According to him, Russia has realized its possibilities in a new way. And the country came to the realization that it has to rely only on itself.

“We have learned to benefit by the situation while competing for domination in the domestic and foreign markets,” Stressed Medvedev.

Russian officials predict the economy will show moderate growth in 2017 after more than two years in recession. Other than that, Prime Minister has promised not to raise taxes in 2017.


Communist Party leader Gennady Zyuganov criticized Medvedev ahead of the address in the State Duma, saying his government is incapable of “efficiently handling financial, economic and social matters.” Life has improved only for “the rich, millionaires, and billionaires whose income grew by 20-30 percent over the year,” Zyuganov said.

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