8 Apr 2021 18:48

Shokhin: goal of Russian GDP growth higher than global in 2021 hardly relevant, many countries already emerging from Covid crisis

MOSCOW. April 8 (Interfax) - The goal of achieving a rate of Russian GDP growth higher than the global average in 2021 is already irrelevant; a more appropriate task is to attain an economic growth rate no lower than 3% per year, head of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin said.

"Hardly, I think," Shokhin told reporters when asked whether the goal set by the president of reaching a GDP growth rate higher than the global average in 2021 could be expected to be achieved. "The Economic Development Ministry is now correcting down its forecasts," he said.

Shokhin said the expectations for achieving GDP growth higher than the global average had been based on the assumption that "the pandemic would continue 'for them', and for us emergence would start earlier, then through this displacement we would be able to achieve a growth rate higher than the global average." However "already many countries, China first and foremost, even last year attained positive growth and quick economic recovery," he said.

"Generally speaking, we need a growth rate no lower than 3% per year. In order to solve all the various social tasks, we need a stable and high rate of growth. But the task of reaching the global average was set when these two criteria coincided - both above the global average and higher than 3%," Shokhin said. "This link, in my view, needs to be borne in mind, so as not to report figures on the work carried out but to ensure sustainable, progressive economic growth that is sufficient to solve the whole set of difficult, primarily social problems," he said.