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Dvorkovich forecasts 1-2pct growth of world economy next 5-7 years

October 21, 2011, 11:22 UTC+3
For Russia this would mean low growth of demand for our goods, as “they are mostly energy and raw materials
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MOSCOW, October 21 (Itar-Tass) — It is unreasonable to expect stable growth of the world economy at the level of 3-4 percent a year, Russia’s presidential aide Arkady Dvorkovich said on Friday.

“I am afraid it is unreasonable to expect it, unfortunately, there is a forecast of a slow growth period for the world economy, perhaps at 1-2 percent a year for next 5-7 years,” he said.

For Russia this would mean low growth of demand for our goods, as “they are mostly energy and raw materials.”

“If nothing is dome, we shall face low pace of the economy’s development,” Dvorkovich said. “Naturally, it would affect all criteria: the budget policy, the criteria of the social development and everything connected with the financial sector.”

In this situation, he continued, it is necessary to realise, what additional options Russia has. They are connected with expanding of business initiatives at the level of small and medium businesses, with growth of state demand for major companies and with more active participation of the state in development of infrastructures.

“However, the most important thing is whether we may expect change of attitude from all authorities to the objectives set; I cannot seen anything more important as yet than improvement of motivation,” Dvorkovich concluded.

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