Support The Moscow Times!

Economic Growth Will Stay Below 3% 'for a Decade'

Despite high and rising oil prices, the economy will fail to achieve three percent annual growth over the coming decade, according to a report released by the Higher School of Economics.

This is less than the growth rate projected by the Economic Development Ministry and coded into the federal budget, Vedomosti reported Wednesday.

The Higher School of Economics in October polled 21 representatives of banks, investment companies and analytics centers. "Most respondents viewed negatively excessive state interference in the economy, the quality of state regulation and other institutes, insufficient competition and defense budget overspending," the report's authors said.

The economy will grow by 29 percent by 2022, while the oil price will rise to 117 dollars per barrel in 2022 from 108 dollars per barrel in 2013, the report concludes.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more