Russian Economy Falls Short of Economic Growth Expectations

Russian Economy Falls Short of Economic Growth Expectations

"To achieve at least 5% per annum we need to see investment growing for at least a few years in a row by 10% annually," Russian Prime Minister Dmitry Medvedev said.

DAVOS -- Russian Prime Minister Dmitry Medvedev said on Wednesday his country's economy grew by 3.5% in 2012 but that Moscow was aiming for output growth of more like 5% per year.

"If you look at the general macro-economic situation in Russia, it's rather stable, last year economic growth amounted to 3.5%, inflation was at 6.6%," Medvedev told the World Economic Forum in Davos.

Urging foreign firms to invest in Russia, Medvedev said Moscow had set ambitious goals for attracting global capital.

"To achieve at least 5% per annum we need to see investment growing for at least a few years in a row by 10% annually," he said.

"We have very ambitious goals in the investment field, to increase the volume of investment from 20% to 25% of GDP, to increase investment in transportation, in energy infrastructure... and foreign direct investment would be instrumental in achieving this goal."

Copyright, Agence France-Presse, 2013

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