Russian Economy Falls Short of Economic Growth Expectations

Russian Economy Falls Short of Economic Growth Expectations

Jan. 23, 2013
"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

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2017. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!