IMF lowers Russian GDP growth forecasts to 4.3% in 2011, 4.1% in 2012
MOSCOW. Oct 27 (Interfax) - The International Monetary Fund (IMF) has lowered its Russian GDP growth forecasts from 4.8% to 4.3% in 2011 and from 4.5% to 4.1% in 2011, the IMF's Russia representative, Odd Per Brekk, said at a conference on the Russian money market.
"For Russia this growth is 4.3% this year and 4.1% next year," he said.
The IMF in April raised its 2011 growth forecast for Russia by 0.3 pp and its 2012 forecast by 0.1 pp, but it has now reverted to the forecast is gave last December.
Deputy Russian Economic Development Minister Andrei Klepach said the ministry's forecasts were not far off those of the IMF, but that its 2012 forecast was even more conservative.
Klepach said he thought Russian GDP might grow 4.5-5% per year in the next few years. "We have the opportunity to grow by 4.5%-5% even, but that will depend on structural changes in the economy," he said.