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Russian Academy of Sciences expects economic growth rate to increase to 4-6% in 2021-2030

October 23, 2017, 12:48 UTC+3 MOSCOW

According to the authors of the report, in order to reach this level of the GDP growth, it is necessary to bridge the biggest structural gaps

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© Sergei Fadeichev/TASS

MOSCOW, October 23. /TASS/. Russia’s economic growth will accelerate to 4-6% per annum in 2021-2030, according to the Russian Academy of Sciences’ report ‘Structural investment policy aiming at sustainable growth and economic modernization’ released on Monday.

"At the first stage the main task is to ensure economic recovery through a complex of tactical short-term measures triggering production growth and reducing destabilization risks in economic activities (doing business). The next stage of economic growth implies an increase in growth rates and step changes at all levels of the economic system, which according to our estimations make it possible to reach average annual GDP growth of 3.2-3.5% in 2017-2020, 4-6% in 2021-2030, and 3-3.5% in 2031-2035," the report says.

According to the authors, in order to reach this level of acceleration in GDP growth it is necessary to bridge the biggest structural gaps, mainly between sectors of the economy with financial resources and those lacking them, without which it is hardly possible to ensure an appropriate macroeconomic dynamics.

"It should be stressed that the implementation of structural investment policy requires a drastic increase in responsibility for decisions made as it implies that particular funds spending areas are defined and mechanisms of bringing them to final recipients are formed," the report says.

Russia’s Economic Development Ministry projects a 2.1% GDP growth for 2017 (up from 2% announced earlier), 2.1% for 2018, 2.2% - for 2019, and 2.3% for 2020. Earlier the ministry said the country’s economy would add 1.5% each year in 2018-2020.

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