Russian economics minister outlines sources of economic growth in Russia in 2014-2015

Russian Minister of Economic Development Alexei Ulyukayev has outlined sources of economic growth in Russia in 2014-2015.
“First, the role of consumer demand will stay in place,” he said in an interview with the Rossiiskaya Gazeta daily published on Thursday. “We hope that real incomes of the population and retail trade will develop at the rates close the current ones, i.e. by about four percent. But more important, we hope for a considerable investment growth.”

“This year, we hope for an extra growth of four-percent and plan to reach a level of 5.6-6 percent in a span of three years. We plant to do that by means of creating better conditions for private capital and possibilities for businessmen. We shall focus on promoting partnership between the state and private businesses; the concession system, which guarantees investors access to public infrastructure; cost cutting mechanisms through quality regulation of natural monopolies’ tariffs; support to small and medium-sized businesses; support of non-raw materials exports; lifting infrastructure restrictions, primarily in the areas of transport and energy, which check economic growth, including by means of investments from the National Welfare Fund and from other sources. This is a set of instruments we are now using to achieve results,” he said.