Russian economy expected to grow in 2000

Aug 19, 1999 02:00 AM

Russia's economics minister predicted that Russia's economy would grow by 1.5 % in 2000, while the Finance Ministry finalised its draft budget for next year. "The year 2000 may become a turning point in the economic development of Russia," said Economics Minister Andrei Shapovalyants.
If the economy does grow, it would only be the second period of growth in the 1990s. In 1997, it grew by 0.8 %. Shapovalyants also said that industrial output would grow by 3 to 4 % and that Russian exports would climb 6 % in the next three years, according to the Interfax news agency.
The predictions came as Finance Minister Mikhail Kasyanov unveiled the final budget draft for 2000. Kasyanov said Russia would spend 801 bn rubles ($ 25 bn) and take in revenues of 743 bn rubles ($ 32 bn) in 2000, similar to figures for this year. According to Russia's 2000 draft budget, inflation is forecast at about 18 %, while the average annual ruble rate will be 32 to the dollar. One dollar now sells for around 24.6 rubles.
Russia's economy has been showing signs of at least superficial improvement since the economy plunged a year ago. Though no major economic reforms have taken place since then, the economy has been boosted by high world oil prices and increased domestic production.

Source: AP
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