Russia has learnt how to cope with crisis development, Prime Minister Dmitry Medvedev

Business & Economy February 27, 14:44 UTC+3
Russia has learnt how to cope with crisis development, Prime Minister Dmitry Medvedev

© Vyacheslav Prokofiev/TASS
SOCHI, February 27. /TASS/. Russia has managed to cope with crisis developments, caused by problems in the global economy, Prime Minister Dmitry Medvedev said at a plenary meeting of the Sochi-2017 Russian Investment Forum.
«Today we can say it definitely – we have learnt how to cope with all these challenges, the decline of the gross domestic product has stopped,» he said.
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Medvedev cited the January statistics, which showed that real disposable incomes grew by about 8% compared to the previous year. According to him, a one-time payment of pensions played an important role in this improvement.
«But even without taking into account this one-time payment the real incomes of our citizens slowly began to grow. It is necessary to fortify this trend. As you know, now we already have the inflation which is record low for modern Russia – about 5.4% in 2016 and 5% in January 2017. More recently, at the end of 2015 we have inflation of nearly 13%. Of course, it is absolutely realistic to bring inflation down to 4% this year,» he said.
Speaking about the situation in the labor market, Medvedev said that it has stabilized.
«We have coped with unemployment. But today we must already think about the solution of other tasks. Our medium-term plan contains a number of measures to overcome the demographic constraints, which can later hinder the development of the country. They cover almost all areas such as healthcare, social policy, and immigration policy,» Medvedev said.
Mechanism to simplify currency risk hedging for Russian exporters
A mechanism should be developed to simplify currency risks hedging for Russian exporters, Medvedev said.
The new government plan will contain additional measures on transformation of the economic structure: non-resource export growth, implementation of new investment projects and advance development of small and medium enterprises, the Prime Minister said.
«I suggest implementing a range of steps already in the nearest future. Firstly, to develop a mechanism that will simplify currency risks hedging for Russian exporters. We simply do not have such a mechanism. The case in point is to create a one-stop shop for exporters to fix future cash flow from export supplies in the ruble equivalent.

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