03 June 2004 00:53
Russia can double GDP, cut inflation to 3% - Wolfensohn (Part 2)
Wolfensohn said he thinks that Putin's State of the Nation address
contains a global task and Russia is very lucky to have such a task
MOSCOW. June 3 (Interfax) -Russian President Vladimir Putin's goal of doubling GDP by 2010 and reducing
inflation to 3% a year can be achieved, but this will take a lot of effort, World Bank President James Wolfensohn said
at a press conference at the Interfax head office on Thursday.
before it.
Wolfensohn said that if you act correctly and intend to achieve these goals, you can achieve them, however it is
necessary to understand the urgency of these tasks and you need will to start pushing forward.
Putin was wise to set long-term goals, Wolfensohn said. Russia is extremely rich in natural and human resources and,
as the president said in his speech, the answer lies within us.
There is a good chance that these goals will not be achieved if the Russian leadership continues to look back. But an
element of risk and changes in government, corporate governance and business, and success with the fight against
corruption could make these goals achievable, Wolfensohn said.
Wolfensohn said the Russian Economic Development and Trade Ministry's GDP forecast for 2005-2007 was reasonable,
but that those sort of rates would not be enough to double GDP by 2010.
He also praised Russia's debt policy. This. Too, is sensible. The country has considerable reserves, is reducing
its debt and bringing the debt to GDP ratio to an acceptable level.
Wolfensohn compared the situation in Russia with that of China, which he visited a few days ago and which can boast
economic growth of 9%-10% and inflation of not more than 3%. So never say goals can't be achieved, Wolfensohn said.
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