Russia in the short term to set the economy on a growth rate of 3%, Medvedev said

© RIA Novosti / Dmitry to Attachability in photobacteria-Minister Dmitry Medvedev at a press conference following the summit, ASEAN and YOU. 14 Nov 2017Russia in the short term to set the economy on a growth rate of 3%, Medvedev said© RIA Novosti / Dmitry attachability to the photobank

Russia can in a relatively short time to achieve growth of 3%, Prime Minister Dmitry Medvedev at a press conference on the results of the ASEAN summit and YOU.

The international monetary Fund (IMF) in October raised the growth forecasts Russia’s GDP for 2017 and 2018 to 1.8% and 1.6% respectively against the background of General strengthening of financial stability, the rapid deceleration of inflation, industry growth and the strengthening of the ruble. Meanwhile, the head of the IMF office in Russia, Gabriel Di Bella in November said that in the long term the Fund expects country’s economic growth at 1.5% per year, although it considers it possible to achieve growth of 3% over 7-10 years.

In response to a request to comment on this forecast, Medvedev said: «All macro-economic conditions coupled with a small budget deficit, which is also reduced in the coming years may be released at zero or in surplus phase, suggests that we will be able to achieve this performance in a relatively short term».

According to him, the structure of the Russian economy should be diversified, it is not a quick process, but it is already underway, and a large part of budget revenues comes from other sources, not from oil and gas. «It is very important to make technological basis to keep up with the world. To do this, a program of transition to a digital economy», — said the Russian Prime Minister.

Medvedev noted that forecasting is a rather difficult and often thankless task. He recalled that recently, the IMF predicted that economic growth in Russia will amount to about 1%, but its forecast they have changed.

«Forecasts have to check with the real situation. Indeed, for the last time, and it’s not some data, and already a medical fact, it is a diagnosis that put economic analysts, the economy has entered a stage of growth. I can’t say that it is absolutely steady growth, such as we wanted to achieve, but, nevertheless, growth of around 2% — on a world scale this is a very good growth,» — said Medvedev.

He stressed that this growth for Russia is small, but it’s not just that — the Russian economy needs to grow faster to make up for missed opportunities. In this regard, the most important thing, he emphasized, stable macroeconomic conditions, particularly moderate inflation.

Russian President Vladimir Putin at the end of his address to the Parliament last year ordered the government to prepare and adopt a comprehensive action plan envisaging measures for the Russian economy to growth rates above the world not later than the 2019-2020 years.

Meanwhile, according to the latest baseline forecast of economic development, in 2017, the GDP growth in Russia will amount to 2.1%, in 2018 it will be the same in 2019 and 2020 to accelerate slightly to 2.2% and 2.3%, respectively. The achievement of the strap 3%, to be exact — 3,1%, in 2020 provides only the so-called target variant of the forecast, for which, as the head of the Ministry Maxim Oreshkin, the government needs to take a number of measures.

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