Russia must live within its means amid an approaching global economic crisis, but will honor its social obligations in full, President Dmitry Medvedev said on Thursday.

“We must continue living within our means, without squandering resources, especially in the conditions of an approaching global recession,” Medvedev said in his final state-of-the-nation address.

“But this does not mean that we must give up new social programs or cut existing obligations. All these obligations will be met in full,” Medvedev said.

Russia also needs to create opportunities for small and medium business to gain benefits from innovations and create a million new highly-skilled jobs in the country, Medvedev said.

The Russian authorities should also create conditions conducive to private, including foreign, investment in industry, highly-efficient agriculture, transport infrastructure, housing construction and the services sector, the president said.

“The improvement of an entrepreneurial environment is the best way to ensure high growth rates,” Medvedev said.