OREANDA-NEWS. January 29, 2009. Russian PM Vladimir Putin has set the goal of taking Russia to a new quality level within the next 10-12 years. He said this at the opening ceremony of the World Economic Forum in Davos. According to Putin, the economic crisis has laid bare the most acute problems of the Russian economy: excessive reliance on exports, a weak financial sector and difficulties in promoting a competitive environment.

Putin pointed out that the Russian government had been aware of these problems earlier and took efforts to solve them, but the crisis prompted the government to take more aggressive steps to tackle these challenges without changing the strategy itself. According to the prime minister, Russia’s anti-crisis policy aims to support domestic demand, provide social security of the population and create new jobs. Furthermore, the government still aims to create incentives for energy conservation and pursue a policy of encouraging foreign investments.