B. Joshi: Russia needs a new model of growth

Head of the Permanent Mission of the International Monetary Fund in Russia Bicash Joshi spoke about the prospects for the world economy and how they will affect Russia .

Based on the results of the annual review of the Russian economy from the IMF, also known as the "Report on Article IV", the expert said that Russia needs a new model of economic growth, though it is hard to say which model is right for the growth of Russia . Perhaps this should be a more efficient use of the energy sector, coupled with active introduction of innovations and improvements of the investment climate. Also, Russia should enjoy the moment while oil prices remain high .

In September, the International Monetary Fund cut its forecast for global growth as well as growth of the Russian economy. IMF economists expect that , following 2013. the Russian GDP will grow by only 1.5 %, although the fund previously expected the growth of 2.5 % , and in 2014, GDP is projected to possibly rise by 3%.