Moscow official: Russia to become sixth world economy starting with late 2008

The Russian economy, seeking to occupy a top five position among world leaders is threatened by five traps, RBK Daily reads quoting a Moscow official. The main traps are the energy mirage, the state’s wish to increase its presence in all activities and its technological backwardness. Other traps include the effect of the constant backward position gained and the unhealthy lifestyle, first deputy prime minister Igor Suvalov declared at the XIIth edition of the International Economic Forum in Sankt Petersburg. However, Suvalov said that he was certain that Russia’s economy would claim the sixth position worldwide starting the end of this year.

The business environment reacted to the government’s representative declaration and the discourse was, according to RBK Daily interrupted by applauses several times. Suvalov declared that over the past 300 years, Russia’s ambition to exceed the West was an idea imposed upon politicians. The pressure failed to bring about the expected results.

Suvalov mentioned that the state needed to stop interfering with the economy in order for the latter to develop properly. He reiterated the official mission of the state, to enforce property rights. Goldman Sachs scientific director Jim O’Neil declared that Russia would not be able to enter the top 5 position earlier than 2020. In his opinion, Russia’s main obstacle is a demographic one.