Russia's economy will remain primarily based on raw materials production until 2030© RIA Novosti. Boris Babanov
- High Oil Prices Lift Russia’s Nine-Month Foreign Trade Surplus
- No Large Oil Reserves in Russia after 2012 - Agency
- Russian Budget to Lose $3Bln at $100/Bbl Oil Price – Finance Ministry
- Russia to Fall Victim to Oil Bubble Bust – Morgan Stanley
- EBRD Predicts Russian Economic Slowdown in 2012-2013
- Russia Prepared for Possible Economic Meltdown – Putin
MOSCOW, November 20 (RIA Novosti) – Russia's economy will remain primarily based on raw materials production until 2030, along with the remnants of high technologies like the nuclear and space industries inherited from the Soviet era, Rosiiskaya Gazeta reported on Tuesday, citing the latest forecast by Russian economists.
The Global Strategic Survey 2030 was prepared by the Institute of World Economy and International Relations, one of the world’s top 25 think tanks according to international ratings.
In 18 years, Russia will have a population of 140 million compared with the current 143 million, which will be 60 percent less than the US population and a tenth of that in either China or India, the forecast says.
Russia will rank 10th in the world by the size of its economy, up from the 12th position two years ago and fourth in terms of purchasing power parity (sixth in 2010), outperforming Japan.
“Russia will remain one of the largest oil wells in the world’s hydrocarbon economy,” the paper quoted the survey as saying.
Russia’s share in global GDP will remain unchanged at 2-3 percent compared with the current level, while its living standards will be close to the standards of the present-day Czech Republic. The country will continue to depend heavily on world prices and world demand for raw materials, the survey said.
However, the growing competition among countries means Russia must accelerate its economic development. Russia needs to beef up investment in the economy to 30-45 percent of GDP from the current 20-23 percent, cut the fiscal burden, suppress inflation and facilitate lending to business in order to produce an economic revival, the survey said.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Yury Gagarin: A down-to-earth person
Infographics: The Linguistic Diversity of the Planet
During Vladimir Putin’s annual Q&A session some members of the Valdai International Discussion Club asked him several questions. How united is the West in its desire to punish Russia? Which EU countries are in favour of isolating Russia? Is this even possible? And what is going on in Ukraine?