Russian Prime Minister Dmitry Medvedev has conceded that, in economic terms, this year had “not been the easiest.”

“For our country this year has not been the easiest, although if you compare the economic indicators with developed European economies, and others, then ours don’t look so bad,” Medvedev told World Economic Forum experts.

He touched on difficulties formulating the budget, which this year sparked political scandal when President Putin slammed it for not factoring in the cost of pension reform.

“For us the dilemma is not choosing between development and fiscal consolidation. I think that we are duty bound to carry out both” Medvedev said, also stressing the need to develop a business-friendly climate in the country, and to make Russia more attractive as an investment option.