NOVO-OGAREVO, December 23. /TASS/. Russia will need to update the economic model and find new growth drivers, First Deputy Prime Minister Andrei Belousov says on Wednesday.
"The task is to update the economic model over 3-4 years, overcome its structural drawbacks and form new internal growth drivers," Belousov said.
It is planned to achieve domestic economy’s growth rates of at least 3% per year, the official said.
"This task is fairly ambitious by nature. We have never managed to achieve such growth rates over the last eight years, since 2013. The highest growth over that period totaled 2.5% in 2018 while the average rate, even net of the decline in 2015, is just 1.4%, that is, twice lower than the noted target level," Belousov said.
The government is going "to engage factors having significant reserves for acceleration. In the first instance, this refers to investments, small and medium business, non-resource export and labor productivity," he added.