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MOSCOW, September 23 (Itar-Tass) —— A growth of incomes, the development of the national market and the formation of reserves were the main achievements of Russia in the 2000s, Economic Development Minister Elvira Nabiullina said at the United Russia congress on Friday.
“Before the crisis started, the 2000s witnessed the annual GDP growth of 7% and the annual growth of incomes of up to 11%,” she said. “That is a substantial achievement,” the minister added.
“Our growth model was based on the political stability and the favorable foreign political factor,” she said. “The revenues, which came from external markets, were not guzzled. We created macroeconomic stability.”
An average budget deficit neared 6% in the 1990s, and the country had an average budget surplus of 3.5% in the 2000s, she said.
“That created completely different conditions for business. The business community was able to make medium-term planning in the 2000s. Market instruments also developed. We are not happy with these instruments now, but their development was an important step forward,” she said.
Modernization is bound to become the locomotive of the economic development, the minister said. “We need investments in the infrastructure, knowledge and technologies. That is the key to growth,” she said.