Russian Finance Minister Alexei Kudrin admitted...
Striving to double GDP was a priority for President Vladimir Putin, who presided over eight years of non-stop growth until 2008, when he was succeeded by his ally Dmitry Medvedev. Putin set a target in 2000 to achieve the goal in 10 years.
Kudrin, viewed in the West as a key liberal, told an economic conference in Moscow that the fast growth maintained mainly on the back of high energy prices exposed Russia to additional risks after the country experienced a financial crisis in 2008. For the first time in 10 years, Russia recorded budget deficit in 2009.
"We nearly doubled [GDP]," Kudrin, a key member of Medvedev"s anti-crisis team, told an economic conference in Moscow. "But it turned out to be a different kind of doubling [GDP], which is hard to maintain right now."
Medvedev is aiming to modernize the economy by promoting hi-tech industries and services to reduce dependence on the energy sector. He views modernization as the main element of Russia"s exit strategy.
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02.05.2012