Businessman says Russia's economic growth can be 9 percent annually

Russia can reach an 8-9 percent economic growth a year, Arkady Volsky, the President of the Russian Union of Industrialists and Entrepreneurs, declared at the third conference of Russian businessmen devoted to practices and outlooks for investments in the Russian economy. Volsky pointed out that the country's GDP growth was expected to be 4 percent, according to the government's estimations, "which arouses serious concerns of all of us".

According to the president of the union, it is necessary to modernize and liberalize the economy, eliminate administrative barriers and minimize the state's influence on businesses to obtain an 8-9 percent economic growth.

The main reason of the low economic growth is the low advance in the volume of investments in the Russian economy, which was only 2.5 percent in the first nine months of this year, Volsky believes.