Unfavorable situations in the global economy are possible, but Russia is ready to withstand them, Russian Prime Minister Dmitry Medvedev said.

“On the whole, the situation for our [Russian] economy is normal since we had a budget surplus last year. Certainly, it will be more difficult this year, but nevertheless we will manage,” Medvedev told a news conference at the summit of G8 leaders in the United States.

He said that in case the global economy will be deteriorating Russia has a plan of actions, which was tested several years ago during the global financial crisis.

“If necessary, we will put this plan into action… I will reiterate, however, I hope it will not come to this,” Medvedev said.

The prime minister attended the summit in Maryland instead of Putin, who withdrew from participation last week, citing the need to finalize a new government after his inauguration last week.