Mikhail Kasyanov: Russian economy becomes stable

Russian Premier Mikhail Kasyanov has announced that by the end of the year, the country's Gross Domestic Product will amount to 3.9% instead of the prognosticated 3.6%.

Now that Russian economy is becoming stable, the government's goal is to accommodate economic growth in the coming year, the premier told the annual Moscow-based investment conference entitled "Russia: Sustainable Development." At the same time, he said he was worried about the "slow growth of investments to Russian industry." According to his account, it barely reached 2.5% over the past eight months.

The government, however, is "ready to ensure macroeconomic stability and bring the inflation rate down to 14%," and to further reduce these parameters in 2003 by pursuing a well-thought-out budget and credit policy.

Kasyanov assured the assembly that in the coming year, the government would ensure economic growth by executing the judicial reform, the banking sector reform, and reforms in the agrarian field, tax reforms, and support of bank deposits.