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Russia Seeks 3% Growth

Russia Seeks 3% GrowthRussia Seeks 3% Growth

Russia’s Finance Ministry has “ambitious goals” of bringing the country’s economic growth in line with the world’s average growth level of at least 3-3.5%, Finance Minister Anton Siluanov said on Thursday, Reuters reported. To boost the economy, which contracted 0.2% in 2016, Russia needs to implement structural reforms and, first of all, reduce its dependence on oil exports, Siluanov said . This year, the government expects the economy to shrug off a collapse in oil prices and the impact of western sanction to expand by 2%. Presenting his ministry’s performance review, Siluanov said another way to spur the economy was to improve collection of taxes by solving issues with Russia’s large shadow economy. The shadow sector payroll exceeds 10 trillion rubles ($177.73 billion) a year, he said. Meanwhile, the International Monetary Fund recently upgraded its forecast on Russia’s GDP growth from 1.1% to 1.4% in 2017 and from 1.2% to 1.4% in 2018. The IMF also revised downward its outlook on Russia’s GDP decline last year from 0.6% to 0.2%.

 

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