Russian economy stalling, PM Medvedev says

A combination of global factors has stalled the Russian economy, Prime Minister Dmitry Medvedev said.
By Ed Adamczyk   |  April 4, 2014 at 2:52 PM
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ULYANOVSK, Russia, April 4 (UPI) -- The Russian economy is stalling due to a range of factors, including the country’s involvement in Crimea, Prime Minister Dmitry Medvedev said in Ulyanovsk.

Speaking Friday to a government council, Medvedev mentioned global markets as well as the situation in Crimea, and suggested cutting bureaucratic red tape and changing the mentality of students who view a business career as undesirable.

“(It) is a dangerous trend that many young people dream of a career of being state officials. This is not a good sign. Their priorities must be different.”

Medvedev noted, however, that despite geopolitical and economic constriction as a result of Russia’s annexation of Crimea, in the past two weeks Russia has attracted more foreign capital than Brazil, a phenomenon he called “surprising.”

He admitted that Russia may not achieve targets set for 2020.

In March, Economy Minister Alexei Ulyukayev warned Russia should expect the growth of its gross domestic product to 0.6 percent in 2014, down from 1.3 percent in 2013.


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