Russian economy slows from EU-US pressure - PM — RT Business

Russian economy slows from EU-US pressure - PM — RT Business:

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Russian Prime Minister Dmitry Medvedev speaks at Sochi International Investment Forum. (RIA Novosti/ Grigoriy Sisoev)

As Russia’s economy loses steam, Prime Minister Dmitry Medvedev has made an official excuse for the slowdown, saying the contracting EU and US are largely to blame. He says Russia should now build an "intelligent" state focusing on value in the workforce.

“The European economy is teetering on the edge of recession, and has slowed growth in all BRICS countries. The US economy cannot fully recover with high unemployment, and many individual Americans are just beginning to crawl out of debt,” Medvedev wrote in the official address on the state of the economy on Friday, available on the Kremlin's website.

In the wake of Europe’s debt crisis, the initially projected 3.3 percent growth for Russia seems to be a lofty goal, and Medvedev conceded the GDP growth rate isn’t likely to exceed 2 percent this year, which is below the world average for the first time since 2009. "

'via Blog this'