Dmitry Medvedev is sworn in as the new Russian President in Kremlin's throne room, to replace his long-time mentor, the powerful Vladimir Putin, May 7, 2008. Dmitry Medvedev was sworn in as Russian president in a solemn ceremony in the Kremlin's throne room on Wednesday, beginning an unprecedented period of dual authority rule with his predecessor Vladimir Putin.
Putin's eight-year presidency was characterized by a booming economy and political stability at home, and Medvedev is expected to continue his predecessor's policies. Dmitry, the 42-year-old new head of state will likely to be confronted with many challenges and difficulties, lay ahead Russia's economic development as inflation gripped the country and has reached double-digits in late 2007, according to the Federal State Statistics Service. The inflation is pushed by a huge inflow of capital at a time when global oil and food prices are witnessing a remarkable hike, posing both economic and political challenges for Russia, an emerging market. Soaring oil prices during Putin's term led to an inflow of petro-dollars, which boosted the economy of the energy-rich nation further soaring of oil prices give its heavy dependence on energy exports.
There are suspicions about how long the boom will last and in this spiraling oil price rise Medvedev would be finding difficult to deal with the West and some neighboring countries, ties with whom relations soured over such issues as the gas price dispute, the planned U.S. missile shield deployment in eastern Europe and the eastward expansion of the North Atlantic Treaty Organization.
the outgoing President Putin called on the Russian nation support Medvedev and gave clarian call to continue on the path toward national development.
"It is now very important to continue the already chosen course of the country's development, guided by citizens' interests, which has already justified itself," Putin told the assembled lawmakers, government officials and foreign diplomats.
The former president's achievements during his two terms, including the consolidation of the Kremlin's power and the improvement of the economy, won him enormous support among Russians.