Emerging economies crucial for world economy: Russian PM

Russian Prime Minister Dmitry Medvedev (L) joins in an online chat with Internet users from across China via Xinhuanet.com, the official website of Xinhua News Agency, in Beijing, capital of China, Oct. 22, 2013. (Xinhua/Lan Hongguang)

BEIJING -- Russian Prime Minister Dmitry Medvedev on Tuesday said emerging economies including BRICS nations are crucial for the future of the world economy.

"If (BRICS nations of) China, India, Brazil, South Africa and Russia can not contribute to the steady development of the world economy, nothing can be achieved," Medvedev said during an online chat in Beijing with Chinese netizens via Xinhuanet.com, the official website of Xinhua News Agency.

BRICS nations and other emerging economies have difficulties, but their potential is great and could offset shortcomings of developed nations whose economies are "very dull," he said.

As Russia's largest trade partner, the European Union is facing economic recession. The situation of the U.S. economy is still not optimistic, he said.

He noted the International Monetary Fund has cut its growth forecast for the world economy.

Growth was thought to be higher, but now the forecast is only set at 2 to 3 percent this year, he said.

"Without coordination in the international monetary system and financial institutions, we cannot succeed," he said. "But we will work hard to cooperate within various mechanisms, including the G20 and BRICS."

Medvedev arrived in Beijing early on Tuesday for an official visit to China at the invitation of Chinese Premier Li Keqiang.