Reuters: US Dollar Report: Russian economy faces 2 lean decades, ministry documents show - paper

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Russian economy faces 2 lean decades, ministry documents show - paper Nov 7th 2013, 06:45 MOSCOW | Thu Nov 7, 2013 1:45am EST MOSCOW Nov 7 (Reuters) - Russia's economy will perform far worse than forecast over the next two decades, lagging global growth, business daily Vedomosti reported on Thursday, citing Economy Ministry documents. It said the ministry's strategy on economic development until 2030 warns that Russia will remain heavily dependent on oil and gas, face capital outflows, budget deficits and a growing wealth gap between its regions. According to the document, gross domestic product (GDP) will grow on average by 2.8 percent annually until 2030, well down on the 4.3 percent envisaged by the ministry in the spring, the newspaper said. Russia's share in global output will decrease to 3.4 percent from 4 percent at present. The Economy Ministry was not immediately available for comment.

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