Russian economy grew 3.5% in 2012: Medvedev

“If you look at the general macro-economic situation in Russia, it’s rather stable, last year economic growth amounted to 3.5 per cent, inflation was at 6.6 per cent,” Medvedev told the World Economic Forum in Davos.

Urging foreign firms to invest in Russia, Medvedev said that Moscow had set ambitious goals for attracting international capital.

“To achieve at least five per cent per annum we need to see investment growing for at least a few years in a row by 10 per cent annually,” he said.

“We have very ambitious goals in the investment field, to increase the volume of investment from 20 to 25 per cent of GDP, to increase investment in transportation, in energy infrastructure... and foreign direct investment would be instrumental in achieving this goal.”

Medvedev, whose country is leading the G20 this year, also acknowledged that Russia had an image problem, with many taking part in the forum raising concerns about corruption and the country’s over-dependence on energy exports.

Responding to a vote among participants at his talk naming governance issues as their top concern, Medvedev said: “At the moment, that reflects the current image that exists in the world of Russia and its problems. I’m not saying the image is correct.”