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Crimea, Sevastopol set for fast-track growth among Russian regions

April 15, 2014, 14:57 UTC+3 MOSCOW
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MOSCOW, April 15. /ITAR-TASS/. The economy of Crimea and the federal Russian city of Sevastopol can grow by 6-7% a year between 2015 and 2016, Boris Titov, Russia's Presidential Commissioner for Entrepreneurs' Rights, said in a draft report on Tuesday.

It is estimated that the main drivers will be the agro-industrial complex, tourism and industrial development. But speeding growth will be possible only alongside modernizing and developing existing energy and transport infrastructures, the paper says.

In 2011, Crimea’s gross regional product (GRP) per capita had reached $2,600 to match the level of the poorest and least-developed Russian regions, Ingushetia's $2,100 and the Chechen republic's $2,300, the document said. Its authors note that Crimea’s economy is currently in a challenged, but not unpromising, state.

“Crimea and Sevastopol may become leaders among Russian regions in terms of growth rates,” say specialists quoted in the report.

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