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#1 - JRL 8310 - JRL Home
Russian govt. to seek additional GDP growth

MOSCOW. Aug 2 (Interfax) - Implementing major projects in 'breakthrough' developmental directions will allow Russia to increase annual GDP growth in the next several years by 2.5-3 percentage points compared to mere accelerated development, concludes a governmental activity plan for the period until 2008 as confirmed by the prime minister.

It says that even if world energy and raw materials markets take a downturn, this approach "will make it possible to enter a growth trajectory corresponding with the decision to double GDP in ten years."

The government is elaborating a number of priority directions to ensure the pace of economic growth. These include increasing living standards and developing "human capital"; eliminating structural restrictions on economic growth; working to increase Russian companies' competitiveness and strengthen their market positions; the socioeconomic development of the country's regions; Russia's rational integration into the world economy.

The government maintains that speeding up economic growth is possible only if based on macroeconomic stability founded on principles of sequential inflation level reductions; conducting proper monetary- lending polity ensuring the change to a fully convertible ruble without it strengthening disproportionately; supporting a balanced federal budget while reducing the tax burden.