Business
Russian President: Economy Sank More Than Forecast
Russian President Dmitry Medvedev said Sunday that Russia’s economy was hit harder than expected by the global financial crisis, but Kremlin measures helped the country avoid the worst-case scenario.
Russia’s gross domestic product will drop by about 7.5 percent this year, compared with earlier forecasts of 3 to 3.5 percent, and industrial production fell by nearly 14 percent in the first half of 2009, Medvedev said.
“I must admit that we sunk below our lowest expectations,” Medvedev told the state-owned Channel One network in an interview that aired Sunday. “The real damage to our economy was far greater that anything predicted by ourselves, the World Bank and other expert organizations.”
Russia is facing its first recession in a decade, with gross domestic product down by an annual 10.9 percent in the second quarter of the year. The recession followed a crash in commodity prices, flagging foreign investment and a squeeze on credit markets.
Medvedev said that Russia faces a significant budget deficit next year that will surpass the September figure of almost 5 per cent of GDP. “But it’s not a tragedy, not a disaster for the economy,” he said.
He also cited positive signs, including a sharp fall in inflation, the strengthening ruble and overall stability of the economy.
A recent rebound in oil prices has prompted Russian officials to give upbeat reports that the recession has bottomed out and that the country will start seeing moderate growth.
Medvedev said government measures have also reduced unemployment from its peak of 7.5 million, and praised the stabilization of the ruble, which lost a quarter of its value since last summer, but regained some of its losses in the past months.
The ruble still remains under intense pressure amid talk of a potential devaluation.
Medvedev reiterated his earlier pledges to diversify Russia’s oil-dependent economy, but said it would take up to 15 years to develop stronger non-energy sectors that would account for up to 30 to 40 per cent of GDP.
Nkpemenyie Mcdominic
Reports say that the training is designed to equip youths with practical technical skills for employment in the oil and gas and construction sectors, with emphasis on employability, safety, competence and self reliance.
In attendance at the flag-off ceremony this week, at the Petroleum Training Institute (PTI) Conference Hall, Effurun, were stakeholders, dignitaries, and political representatives, among others.
Dafinone, represented by his Chief of Staff, Adelabu Bodjor, said the initiative reflects a deliberate political investment in human capital development across Delta Central.
He explained that the training focuses on rigging and scaffolding, noting that “both are essential technical competencies required in industrial operations, construction projects, and oil and gas installations”.
Bodjor added, “The programme is intended to reduce dependency among youths by providing job-ready skills capable of supporting long-term economic opportunities and self-sufficiency. The initiative aligns with Senator Dafinone’s broader development agenda, which prioritises practical skill acquisition as a pathway to sustainable empowerment.”
Also addressing the participants, the NCDMB, Felix Omatsola Ogbe, represented by Mr. Teddy Bai, commended Dafinone for sponsoring the programme, describing it as “a timely response to critical manpower gaps in the industry”.
Bai explained that rigging and scaffolding remain safety-sensitive skills required across fabrication yards, offshore platforms, and construction sites, stressing that the programme bridges the gap between certification and practical competence.
He also charged the training consultant, OROH Contractors Limited, to maintain strict standards of professionalism, safety, and discipline, while urging participants to remain committed, focused, and disciplined throughout the exercise.
The Senate Liaison Officer for Sapele Local Government Area, Chief Patrick Akamuvba, , described the programme as a major step in strengthening human capital development in Delta Central.
Akamuvba said scaffolding and rigging skills are in high demand across residential, commercial, and industrial construction projects, noting that the training offers real employment opportunities for beneficiaries
He urged participants to prioritise knowledge and certification over short-term material expectations, stressing that discipline and seriousness would determine their long-term success.
He also cautioned youths against social vices and distractions, advising them to remain focused to maximise the opportunities provided by the programme.
