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IMF expects 4-pct economic growth in Russia this year

September 10, 2011, 3:41 UTC+3
Inflation, calculated by the Fund's own methodology, at the end of 2011 should reach 7.5 percent
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WASHINGTON, September 10 (Itar-Tass) —— The IMF expects this year will see an economic growth by 4.3 percent of the GDP in Russia, and 2012, 4.1-percent growth. Inflation, calculated by the Fund's own methodology, at the end of 2011 should reach 7.5 percent. As the IMF’s Managing Director for Russia Alexei Mozhin told Itar-Tass, such figures were contained in the revised forecasts, discussed at a meeting of the IMF Board of Directors on Friday. In general, the discussion was devoted to the results of the annual review of the Russian economy.

Previously, other knowledgeable experts said that discussion of the economic situation in Russia was smooth and the report, prepared before the meeting, did not cause any questions or objections. The key idea of that document was that "in Russia the recovery from the crisis is going on, but growth is relatively modest, and inflation, high."

For its part, Mozhin said that "in contrast to the most developed countries Russia in the short term will have everything in order: economic growth has resumed, the debt level is low, the budget is almost balanced, and inflation is being reduced."

"Major challenges await us in the medium and long term,” he added. “I would single out three main issues - the demographic situation, the dependence on raw materials export and the business climate. It is around these issues that the discussion revolved."

New IMF forecasts of Russia's growth rate are slightly better than the latest Russian estimates, and inflation forecats, a little worse. The Ministry of Economic Development in late August predicted this year’s economic growth at 4.1 percent, and inflation, within 6.5-7.0 percent.



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