Russia lowers economic growth forecast

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Russia lowers economic growth forecast

13:17, October 07, 2010      

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Russian economy over the next three years may grow by 3-3.5 percent, lower than previous estimates due to the drop in international oil and gas prices, Deputy Economic Development Minister Andrei Klepach said Wednesday.

The downward global oil and gas price trend would directly result in the lower growth rate of Russian economy between 2011 and 2013, said the deputy minister, adding that the previously forecast of 3.9-4.5 percent growth was too difficult to achieve.

In average, every fluctuation of 10 U.S. dollars in global oil prices would affect Russian economy by 0.4-0.5 percent, said Klepach.

Over the next three years, the economic growth of Russia may mainly be boosted by domestic drive, which calls for an investment of at least 20 to 30 billion dollars, he added.

For this year, Klepach's ministry predicted Russia's economy would grow by 4 percent.

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