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Medvedev: â€œRussia turns into world’s 6th largest economyâ€Žâ€

22 December 2011 12:05 (UTC +04:00)

Baku - APA-Economics. Russia is the world’s sixth largest economy, President Dmitry Medvedev said in his state of the nation address on Thursday, RIA Novosti reported.

""We have successfully overcome a very difficult period of economic shocks and returned to the pre-crisis figures of development. Russia has become the sixth largest economy in the world," Medvedev told both houses of Russia’s parliament.

"The economy is growing at a good pace, nearly four percent per year, which exceeds the rate of recovery in most advanced economies," he said.

This year the country will register the lowest inflation in the entire history of modern Russia, which will be less than seven percent or will even stand at six percent, Medvedev said.

"The crisis period has showed that the accumulation of reserves through oil revenues was and remains a reasonable policy. These savings have helped the government and the Bank of Russia to prevent a currency crisis," Medvedev said.

As for Russia’s accession to the World Trade Organization this December, Medvedev said the country had joined the world trade club on favorable terms.

"Russia entered the World Trade Organization fully on Russiaâ€™s terms," he said.