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Russia may achieve 3-4% GDP growth without reforms — ex-finance minister

Russia's ex-finance minister believes more freedoms and competition in the politics is required to achieve the average global growth rates of the GDP

MOSCOW, June 8. /TASS/. Russia may achieve the GDP growth by 3-4% per year but this may not be enough to maintain the share in the global GDP, Russia’s ex-Finance Minister and Board Chairman of the Center for Strategic Research Alexey Kudrin said on Wednesday in the interview with Harvard Business Review.

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"Russia may achieve 3-4% growth without significant political changes. However, it does not mean we will catch up with other countries by the scale of innovations and become a modern developed country," Kudrin said.

"3-4% in general terms means maintenance or even loss of Russia’s share in the global GDP," Kudrin said. More freedoms and competition in the politics is required to achieve the average global growth rates of the GDP, he added.

At the same time, the West may start relaxation of sanctions introduced against Russia in late 2016 - early 2017, Kudrin said. "My forecast: relaxation will start at the turn of this year - early next year. These can be demonstrative, small steps, but the most important is they will be made," he added.

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