Connect with us

Hi, what are you looking for?


Russia has avoided dramatic crisis: Medvedev

SAINT PETERSBURG, Jun 5 – Russia has managed to avert a "dramatic scenario" in the economic crisis, President Dmitry Medvedev said in an interview with the Kommersant newspaper published on Friday.

"For all the depth and difficulty of the crisis, it is not proceeding according to the most dramatic scenario," Medvedev said in the interview, published on the day he gives a keynote speech to the Saint Petersburg Economic Forum.

"The task of the authorities – of the government and of course the president – it to make sure that at the very least this situation is preserved," he added.

Russia\’s economy, dependent on exports of hydrocarbons and raw materials, has been hit badly by the global economic slowdown and the government is forecasting a six-to-eight percent contraction in GDP this year compared with 2008.

However the prime task of Medvedev and Prime Minister Vladimir Putin has been to avoid any hint that the economy is approaching a meltdown similar to the 1998 crisis when Russian defaulted on sovereign debt.

"The scenario of crisis being realised at the moment is by far not the worst one that we forecast at the start of this year," Medvedev said.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...