Vladimir Putinto: Mikhail Klimentyev / TASS
The acceleration of growth of Russian GDP to the world average by 2024, spelled out in the may decree of President Vladimir Putin, is impossible, according to a review of the world Bank, excerpts of which leads to RBC.
The document is called “Russia’s Economy: how to ensure the preservation of stability, doubling growth and reduction of poverty by half?”. It says that to increase the rate of growth of the Russian economy requires structural reforms, including increasing the flow of migrant workers, attracting new investment and raising total factor productivity (this indicator considers the labour, capital, technological progress, infrastructure, and other factors involved in the production).
One of the main reforms, which are indicated by the world Bank, the Russian authorities have already conducted. We are talking about raising the retirement age. But, even with the implementation of the remaining requirements to accelerate the economy to the world average growth rate of about three percent per annum — will not until 2028, said the authors of the report. In the next five years, GDP will grow by no more than 1.3-1.5 percent per year.
One of the points of the may decree signed by the President after the inauguration, there is the growth of the Russian economy to the world average by 2024. By that time it is planned to be among the five largest economies in the world in terms of GDP at purchasing power parity.
Previously, the Ministry has presented its forecast that to reach a growth rate of three percent per annum Russia will be able by 2021.
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