Russia needs new model for economic growth – IMF

Bikas Joshi of the International Monetary Fund (IMF) said yesterday that the organization was predicting an economic growth of 1.5% in Russia in 2013 and 3% in 2014. The forecasts reflect the slow growth in the first half of 2013.

The official pointed out poor investment activity in processing and construction industry.

World financial markets and reserves had a positive effect on Russia.

Joshi reminded that 60% of Russian exports were energy resources. Oil prices dropped in March 2012, but remain high. IMF experts say that the mid-term potential for growth in Russia totals 3.5%.