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12 Feb, 08:53

Russian GDP growth rates to be kept above world average — Novak

Russia should also keep its fourth place by the GDP volume and by the purchasing power parity, the deputy prime minister said

MOSCOW, February 12. /TASS/. National GDP growth rates should be kept above the global average figures, Russian Deputy Prime Minister Alexander Novak said when speaking in the Federation Council, the upper house of the Russian parliament.

"The task is set to not merely keep high rates of economic growth but to complete structural transformation. It is required to secure Russian GDP growth rates above the world average," Novak said.

Russia should also keep its fourth place by the GDP volume and by the purchasing power parity, the deputy prime minister said.

"The basis of the new long-term economic growth model is the economy of supply. Expansion of supply is backed in the midterm through support of domestic production, growth of investment activity and higher labor productivity, including with consideration of constraints in the labor market," Novak added.