Russian economy more solid than Europe’s – Medvedev

Russian President Dmitry Medvedev said that Russian economy is more solid than the European one, citing major economic figures.

“Our economy looks more solid and more powerful today than the economy of most of the European countries,” Medvedev said during the meeting with regional media in the city of Ufa, the capital of republic of Bashkiria.

Medvedev also said that Russia’s investment climate gradually recovered.

Two weeks ago Russian Central Bank however doubled its 2011 private capital outflow forecast to $70 billion from $36 billion previously. Analysts then said that an unfriendly investment climate amid the political risks ahead of forthcoming elections were the key drivers behind the capital flight.

Speaking about inflation, the president said it was about 7 percent, what is close to nothing, comparing to the similar figures in the crisis-hit Europe.

Russia’s GDP in 2011 is estimated at $2.4 trillion, what is 4.5 percent higher than last year, Medvedev said.

The national debt is about 12 percent of the country’s GDP, while most of the developed European countries have from 80 to 100 percent.


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