In the speech, available on the President’s website, he underlines that Russia has taken measures, which in the near future will restore the trust in the country’s financial sector and normal credit processes. He accused Western countries, and first of all the USA of having triggered the crisis and said that the world financial system now needs to be reformed.
Had the crisis taken place 5-7 years ago, it would not have affected much Russia, he remarked. Now, however the situation is another. –We are a country with an open economy.
-Measures are taken on the sustainable functioning of retail trade, agriculture, construction and machine-building, the military-industrial complex and small businesses, he said, adding that these are the industries in biggest need of state assistance following the decline in global demands and troublesome credit market.
The president believes Russia will be able to avoid currency, bank and debts crisis thanks to the reserves accumulated over the last years. He actually believes Russia could get strengthened in the course of the crisis.
The need for cost cuts will force the companies to increase efficiency within energy use and labour, which subsequently will increase competitiveness of the industry. Meanwhile, the state will stimulate the innovation-oriented economy, create efficient jobs and assist in the retraining of personnel.
See the video address of Dmitrii Medvedev here
