Russia’s economy to overcome economic crisis by early 2012: Putin – Xinhua
MOSCOW, April 20 (Xinhua) — Russia’s economy will overcome the global economic crisis and recover by early 2012, ahead of schedule, Prime Minister Vladimir Putin said on Wednesday in his annual address to the State Duma, or the lower house of the parliament.
Putin said Russia’s gross domestic product (GDP) grew by 4 percent last year and was projected to grow at about 4.2 percent this year.
The forecast meant that by early 2012 “the Russian economy will fully recover losses caused by the crisis,” Putin said.
“Previous predictions said that the economy will recover in 2013 or 2014. We will do it much earlier,” he added.
In the first quarter of 2011, Russia’s GDP grew by 4.4 percent, Putin said, stressing that Russia should find itself among the world’s five largest economies by 2020.
“Based on GDP, Russia should enter the ranks of the five leading countries,” Putin said, adding that the GDP per capita should reach 35,000 U.S. dollars by 2020.
With regards to inflation, the prime minister said the inflation level this year would not exceed 6.5 percent to 7.5 percent.
“The inflation has begun to decrease in March and April this year. We do not expect it to rise beyond 6.5-7.5 percent,” he said.
Meanwhile, Putin warned that “economic weakness” would undermine the country’s national sovereignty.
“Economic weakness and sensitivity to external shocks result in threats to national sovereignty,” Putin said, without elaborating what the external pressures were.
This was Putin’s third government work report to the State Duma.
Special Report: Global Financial Crisis
