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RUSSIA'S ECONOMY

Bank of Russia says country's economy can speed up growth to world’s level

The Bank of Russia also believes additional risks may appear on the way of delivering the inflation target by the end of this year

© Sergei Fadeichev/TASS

MOSCOW, February 10. /TASS/. Acceleration of Russian economy’s growth to the world’s level is feasible but requires maximized efforts, the Bank of Russia said on Friday.

"The historical average economic growth rates in other countries during first five years of reaching the GDP level comparable with the Russian one was 3.4%, speaking of feasibility of the task to speed up economic growth in Russia. However, solution of the task will require large-scale reforms, dramatic transformation and improvement of business conditions and the investment climate," the regulator said.

Read also

Financial recovery of Russian banking sector may take several years — Central Bank

It was reported earlier Russian President Vladimir Putin tasked the Russian government in December 2016 to develop the plan for acceleration of the economic growth by 2025.

The Bank of Russia believes additional risks may appear on the way of delivering the inflation target [4%] by the end of this year:

"The decline in expectations of financial analysts regarding the price hike at 2017 year-end evidences continuing growth of confidence in the anti-inflation policy of the Bank of Russia. Nevertheless, inflation pressure is still high. Trend inflation declines at a moderate pace. Additional risks may appear against reaching the inflation target by 2017 year-end in conditions of higher inflation expectations as temporary advantage factors are exhausted and the economy secures a footing on the growth path," the Central Bank said.

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