IMF forecasts Russia's GDP growth less than 4 pct in medium term

13:19, June 15, 2011      

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The International Monetary Fund (IMF) expects Russian gross domestic product (GDP) growth to slow to less than 4 percent in the mid term, said a senior advisor of IMF Tuesday.

Juha Kakhonen, deputy head of IMF's European Department, told a press conference here that the country's GDP growth would slow from the short-term forecasts of above 4 percent to below 4 percent in the medium term, unless the government strengthens its economic policy.

IMF leaves Russia's GDP forecasts for 2011 and 2012 unchanged at 4.8 percent and 4.5 percent, respectively.

Kakhonen said IMF has recommended Russian Central Bank to tighten its monetary policy and continue raising interest rates to fight inflation.

The IMF official also said IMF estimates that Russia's inflation in annual terms could fall slowly, from 8 percent in 2011 to 7.2 percent in 2012, and Russia could have a modest budget deficit of 1 percent of GDP in 2011 and around zero in 2012.

Source: Xinhua
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