The world is facing a serious systemic crisis, Russian Prime Minister Vladimir Putin said in an article published on his election website and in the Izvestiya daily.

“By their scale, today’s global imbalances are such that they can hardly be overcome within the framework of the current system,” the premier wrote.

“Fundamentally, what the world is facing today is a serious systemic crisis, a tectonic process of global transformation. This is a visible manifestation of a transition to a new cultural, economic, technological and geopolitical era,” Putin said.

He said the world is entering a turbulent period.

“This period will be long and painful. No illusions should be cherished,” the prime minister said.

Russia will hold presidential elections on March 4, 2012. Putin, who held the presidential post in 2000-2008, is considered the most likely candidate to win them.