Medvedev: Russian economic growth potential not exhausted

MOSCOW, Nov 30 (PRIME) -- The Russian economy has emerged from recession into the phase of growth, which is not yet exhausted, Prime Minister Dmitry Medvedev said Thursday in an interview with domestic television channels.

“Regarding whether we have exhausted growth opportunities or not: I think that we, of course, have not exhausted them,” he said.

“Today we can testify that the economy has entered the phase of growth, and on the whole those changes that took place in the economy are quite favorable,” Medvedev said.

The gross domestic product (GDP) growth of around 2% in 2017 is not a lot, but corresponds with the level of developed countries, he said.

The Economic Development Ministry’s current forecast encompasses GDP growth of 2.1% in 2017.

Inflation will be below 3% in 2017, which is a record low figure in the post-Soviet era, Medvedev also said.

“We will have a record low inflation this year. Most probably, it will be below 3%,” he said.

The ruble is stable and predictable, and the government does not expect any sharp changes of the rate at the end of the year.

Gloomy forecasts and external pressure on Russia in 2017 did not affect fulfillment of the country’s social obligations, Medvedev also said.

“Despite all gloomy forecasts, despite the pressure, despite the fact that all challenges that our economy faced still keep their force, we have fully fulfilled our social obligations. We have done everything we’ve planned,” he said.

Russians’ real wages will grow around 3% in real terms and 7% in nominal terms in 2017, he said.

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