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Russia to choose between sustainable or quick GDP growth — expert

May 23, 2016, 20:31 UTC+3

Ex-Finance Minister says Russia needs to make a choice between sustainable or immediate yet unstable GDP growth

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© Sergei Konkov/TASS

MOSCOW, May 23. /TASS/. Russia needs to make a choice between sustainable or immediate yet unstable GDP growth, presidential Economic Council’s working group leader and ex-Finance Minister Alexey Kudrin said on Monday.

"We discussed whether relevant measures are implemented for the more stable long-term growth or the short-term but unstable one," Kudrin said.

"We should always see positive social results of economic reforms," he added.

The working group will present the final program early in 2017. Main task of Economic Council under Russian President will be economic diagnostics, Kudrin added, timeframe to prepare 2030 economic program may be extended by one year.

"I see the primary task of the meeting to be held by the President [on May 25] and our working group is to diagnose, what is the main obstacle to economic growth," Kudrin said.

Diagnostics will make possible to subsequently identify steps for transition to steady growth of the Russian economy, he said. "We discussed very seriously today the role of institutions in economic growth and growth of the monetary policy," Kudrin said. "The timeframe for the Strategy-2030 was also postponed by a year approximately. Our deadlines approximately coincide, we will be able to coordinate our documents."

Russian economy may achieve 4% growth rates in five years, Kudrin said.

"There is no 4% target now; no documents contain it so far. This is a desirable [target]. I believe we may reach 4% growth in 4-5 years if active reforms are initiated," Kudrin said.

Reserve funds of the Russian Government may be spent for project financing to support investments, Kudrin went on. 

"If the government considers such policy [project financing] is feasible, then it should allocate 100 or 200 bln rubles ($1.5 - 3 bln) for such purposes out of its 4 trillion rubles ($59.8 bln). This is the responsibility of the government to support investments," he said.

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