PM forecasts 5% GDP growth in 2003

In 2003, the Russian GDP will grow by 5 percent, Russian Prime Minister Mikhail Kasyanov reported today speaking at the seventh St. Petersburg economic forum. According to Kasyanov, in January 2003 the GDP surged 4.9 percent, whereas in May 8.5 percent. He argued this was "a good result for steady economic growth".

Kasyanov said that the raw material sector retained its leading positions within the Russian economy. The diversification of the economy through the development of other sectors, however, should not be done by slackening the development of the raw material sector, Kasyanov argued. He also noted that many Russian raw material companies were becoming more and more international, and emphasized that the successful development of the Russian economy would depend on both large and small companies.

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