ST. PETERSBURG, Russia, June 18 (UPI) -- Russian President Dmitry Medvedev said Friday modern economies needed to make changes that, until recently, were expected of emerging countries.
"High ratings do not guarantee investment security anymore," he said at the International Economic Forum in St. Petersburg, Russia, RIA Novosti reported Friday.
"We, for the first time in recent years, can say it out loud that structural reforms are necessary not only in emerging economies, but primarily in developed states," Medvedev said.
"Not so long ago we couldn't even imagine that advanced economies would face fears of a sovereign debt crisis and budget deficit," he said.
Medvedev said the Russian economy should shift from one based on providing resources to one that embraces technology.
"We live in a unique time. And we must use it to build (a) modern, prosperous and strong Russia," he said
