Russian economy to grow by 4 percent next three years: FM

08:52, September 16, 2010      

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Russian economy might grow by 4 percent annually in the nearest future, Russia's Financial Minister Alexei Kudrin said on Wednesday.

To reach that goal, Russia must complete reforms of infrastructure, rise the level of competition, improve work of state institutions and law system, the minister was quoted by Moscow's RBC Daily as saying.

According to the minister, GDP will grow by 3.8 to 4 percent in the next three years, inflation will reach 5.6 percent in 2011, down from 8 percent forecast in 2010.

Kudrin said the country were still in crisis but made it over half of the way out. He pointed out at the principal risks on this way, including growing state spending in the run-up of the 2012 elections and shortage of sources for funding the budget deficit.

He also mentioned considerable volume of state internal debt and falling banks liquidity.

Kudrin said that in the preelection period the government would be under pressure to increase spending.

"I think we can't increase spending, but we understand that during that period there is a temptation to resolve some social problems," he admitted.

Kudrin predicted some decrease of the investments due to bad weather and stagnation that might last till the end of the year.

Source: Xinhua


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