Russia likely to become world's fifth largest economy by 2020
Wednesday, 26 December 2007
MOSCOW, Dec 25 (Xinhua): Russia will become the world's fifth largest economy by 2020, should its gross domestic product (GDP) keeps an annual growth rate of 6 to 7 per cent, said Russian Minister of Economic Development and Trade Elvira Nabiullina yesterday.
"If we maintain the GDP growth at 6 per cent to 7 per cent per year, we'll join the group of the world's five largest economies," the minister was quoted as saying by Russia's RIA Novosti news agency.
"We are setting ourselves this goal," she said.
Under a forecast drawn up by her ministry in November for Russia's economic development until 2020, the country's GDP is expected to exceed 5 trillion US dollars in 2020 given a foreign exchange rate of 30 rubles equivalent to 1 dollar.
The forecast also put Russia into the position of the world's fifth largest economy measured by the GDP by 2020 while overtaking all the other European countries.
Russia's GDP in 2007 is expected to reach 1.3 trillion dollars, a surge of more than 7 per cent driven by growing household consumption and a boosted business activities, the RIA Novosti reported, citing a report of the ministry.
Meanwhile, Russia's First Deputy Prime Minister Dmitry Medvedev said here yesterday that the country's arms and military equipment exports could exceed 7 billion US dollars in 2007.
Medvedev released the figure at an annual ceremony awarding those who have made outstanding contribution to Russian military industry.
Mikhail Dmitryiyev, the head of the federal service for military and technical cooperation, said on the occasion that the figure could be even higher, standing at 7.2 or 7.3 billion since Russia has already crossed the 7-billion benchmark earlier.
Russia is the world second largest arms exporter after the United States, followed by France and Israel.
With the volume of arms exports registered at 6.5 billion US dollars in 2006, Russian President Vladimir Putin said at the beginning of the year that Russia is fully equipped to become world No 1 arms exporter.
He urged the Russian government to change the mode of arms export by providing better-quality spare parts and services.
"If we maintain the GDP growth at 6 per cent to 7 per cent per year, we'll join the group of the world's five largest economies," the minister was quoted as saying by Russia's RIA Novosti news agency.
"We are setting ourselves this goal," she said.
Under a forecast drawn up by her ministry in November for Russia's economic development until 2020, the country's GDP is expected to exceed 5 trillion US dollars in 2020 given a foreign exchange rate of 30 rubles equivalent to 1 dollar.
The forecast also put Russia into the position of the world's fifth largest economy measured by the GDP by 2020 while overtaking all the other European countries.
Russia's GDP in 2007 is expected to reach 1.3 trillion dollars, a surge of more than 7 per cent driven by growing household consumption and a boosted business activities, the RIA Novosti reported, citing a report of the ministry.
Meanwhile, Russia's First Deputy Prime Minister Dmitry Medvedev said here yesterday that the country's arms and military equipment exports could exceed 7 billion US dollars in 2007.
Medvedev released the figure at an annual ceremony awarding those who have made outstanding contribution to Russian military industry.
Mikhail Dmitryiyev, the head of the federal service for military and technical cooperation, said on the occasion that the figure could be even higher, standing at 7.2 or 7.3 billion since Russia has already crossed the 7-billion benchmark earlier.
Russia is the world second largest arms exporter after the United States, followed by France and Israel.
With the volume of arms exports registered at 6.5 billion US dollars in 2006, Russian President Vladimir Putin said at the beginning of the year that Russia is fully equipped to become world No 1 arms exporter.
He urged the Russian government to change the mode of arms export by providing better-quality spare parts and services.