MOSCOW, April 22 (RIA Novosti) – The current situation with unstable world markets, Western sanctions against Moscow over Crimea, and the country’s own economic problems is a great opportunity to create a new foundation for an industrial-based economy, Prime Minister Dmitry Medvedev said Tuesday.
“The current situation for our government is not only a challenge, but also a great opportunity to raise the effectiveness of our own activity, to create a new foundation of a national economy that is based on our own production," Medvedev said during his annual report in the lower house of parliament.
“We have all of the needed tools to allow us stable development even in these rough conditions," Medvedev said.
The Russian government will provide support to the economic sectors that are dependent on supplies from abroad, he said.
Russian Finance Minister Anton Siluanov last week warned of risks that the country’s economic growth in 2014 could be under 0.5 percent or possibly near zero.
The International Monetary Fund said in a report earlier this month that a downgrade in expectations for Russia's economic growth this year was due in part to the recent geopolitical tensions over Ukraine.
The fate of Crimea, formerly an autonomous republic within Ukraine and Russia’s newest region since last month, has sparked the greatest geopolitical showdown between Russia and the West since the end of the Cold War.
Dozens of Russian officials and several banks have been hit by punitive sanctions levied by Washington and Brussels in response to the reunification of Crimea with Russia.
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