Russia's economy set to grow fivefold by 2020 - ministry

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Russia's GDP is expected to increase fivefold by 2020 to make the country the world's fifth largest economy, a senior economics ministry official said on Thursday.
MOSCOW, November 22 (RIA Novosti) - Russia's GDP is expected to increase fivefold by 2020 to make the country the world's fifth largest economy, a senior economics ministry official said on Thursday.

The Ministry of Economic Development and Trade has drawn up a forecast for national economic development until 2020.

Under the forecast, GDP is expected to exceed $5 trillion in 2020, given an exchange rate of 30 rubles to the dollar. In 2007, Russia's GDP is predicted to top $1.3 trillion.

"This figure will be clarified. We will evidently have to revise our oil price forecast upwards," said Andrei Klepach, director of the ministry's department for macroeconomic forecasts.

According to the outlook, Russia will join the world's five largest economies measured by GDP by 2020, overtaking European countries. China is expected to top the list, to be followed by the United States, India, Japan and Russia.

Klepach said that in January-October 2007, Russia's GDP grew 7.4% year on year. According to the ministry's report, Russia's GDP will rise by more than 7% in 2007 compared with 6.7% in 2006, driven by growing household consumption and an increase in business activity.

The World Bank said in a report published on Monday that Russia's economy is now growing at maximum capacity, boosted by high global energy prices and a strong inflow of foreign capital.

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