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, RIA Novosti reports.

“By their scale, today’s global imbalances can hardly be overcome within the framework of the current system,” the PM said.

“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.

“The world is entering a turbulent period. This period will be long and painful. No illusions should be cherished,” the Prime Minister said.

As a presidential hopeful, Putin said he will run for the post to continue working to ensure the sovereignty of Russia and the prosperity of its nationals for years ahead.

“The middle class must grow significantly in Russia,” he said.

“Ten to eleven percent of our nationals are still beneath the poverty line due to various reasons. We must solve this problem by the end of the decade, by overcoming the poverty unacceptable for a developed country,” Putin said.

Russia will hold presidential elections on March 4, 2012. Putin is widely expected to secure a third stint in the Kremlin, although analysts say his declining popularity could see him forced into a runoff.