Higher growth forecast for Russian economy of 4-6%

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Russian economic output will be more than double the official forecasts, which predicts growth of 4-6 percent, according to the Russian Academy of Sciences’ report.

The Ministry of Economic Development predicts economic growth will be 2.1 percent in 2017 and 2018 and grow to 2.2 to 2.3 percent in 2019-2020.

According to independent economist Dmitry Miroshnichenko, the growth potential of the Russian economy in the next three years is limited to 1.5 to 2 percent. "This is a natural background growth - the one that the economy can count on without artificial stimulus measures," MiroshnichenkoIn said.

VCG Photo

Russia's economy needs to become more dynamic and efficient, Russian President Vladimir Putin said Tuesday.

"We cannot be satisfied with the current growth rate. We have to raise it to levels above the global average," Putin said in an address to an international investment forum in the Russian capital Moscow.

The volume of Russian exports other than raw materials and energy rose by 18.6 percent year-on-year to 77 billion US dollars in the first eight months this year, accounting for 35 percent of all Russian exports.

Russian President Vladimir Putin /Xinhua Photo

The Russian leader said the country's economy is reviving with its gross domestic product rising over the last four quarters, with the growth rate exceeding two percent in the third quarter this year.

He promised that Moscow would continue to support non-raw material exports with additional spending.

"The development of the digital economy and the launch of new business models will make Russian companies more competitive, diversify the economy in general, stimulate industries through breakthrough technological solutions, and guarantee higher living standards for the people of Russia," he added.

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