The economy could grow by about 4 percent annually in the next two years, even as the country tries to keep inflation low, the government press service said Sunday in a statement distributed to news agencies. Prime Minister Vladimir Putin is scheduled to meet with his ministers to discuss macroeconomic and social issues on Monday, Interfax and RIA-Novosti reported, citing the press service.
The government’s “base scenario” for economic development foresees annual economic expansion of 3.5 percent to 4.2 percent in 2011 and 2012, the agencies reported. Industrial production should grow by 3.3 percent to 4.2 percent a year by 2013. The announcement came after a Central Bank official said Friday that the regulator had slashed its forecast for loan growth this year and other economic data cast doubt on the durability of Russia's economic recovery.
Central Bank board member Mikhail Sukhov told Reuters that the bank had slashed its forecast for growth by around 10 percentage points, though he added that corporate loans grew by 0.9 percent in April from March — the first increase since November 2009.
For more: Russian Government Forecasts 4% GDP Growth, Slashes Loan Estimate | Business | The Moscow Times
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