Main risks to Russian economy are internal, not external – Medvedev

DAVOS. Jan 23 (Interfax) – Russian Prime Minister Dmitry Medvedev believes Russia’s integration into the world economy, which remains unstable, requires an increase in the competitive power of Russian companies, but the main risks faced by Russia are internal, not external.

“The global economy remains unstable. The attempts to come out of the crisis without resolving the accumulated financial and regional imbalances have apparently failed. Despite all efforts, post-crisis settlement is still unstable, and the probability of crises and global recession occurring again is very high,” Medvedev told the World Economic Forum in Davos.

Medvedev reiterated that Russia’s growing integration in global processes, including in connection with its accession to the WTO, “requires a considerable increase in the competitive power of Russian companies,” both in terms of labor productivity and energy costs.

At the same time, Medvedev said he believes the main problems faced by the Russian economy are internal, not external.

“However, the main risks are not external. The main restrictions are our internal restrictions. And the main threat is the slow progress in the solution of the said tasks,” he said.