Russia's post-crisis revival to be slow – Medvedev

MOSCOW (Reuters) – Russia’s exit from the economic crisis will be slow and the world’s biggest energy exporter will remain extremely vulnerable unless it can kick its dependence on oil and gas sales, President Dmitry Medvedev said on Thursday.

In an end-of-year television interview, Medvedev said Russian gross domestic product was likely to have contracted by at least 8.7 percent this year, though he said economic growth could total 2.5 to 5.0 percent in 2010.

“The exit from the crisis will be fairly slow,” Medvedev said during an interview with state television channels.

“We still have an economic system which is based on the energy market,” he said. “Without modernisation, our economy has no future even though it relies on huge natural riches.”

Medvedev has repeatedly called for reducing Russia’s dependence on oil and gas exports since taking over as Kremlin chief in May 2008.

Reuters