Russian Economy Must Achieve Average Global Growth by 2018 - Cabinet

The Russian economy must reach average global growth rates by 2018, according to a major outline of the government's activities until 2018 adopted on Thursday.

MOSCOW (Sputnik) — According to the document, the Cabinet must ensure the achievement of this goal while facing three major challenges — the dwindling demand for raw materials, the deterioration of the geopolitical situation, and the decrease in the work-capable population in Russia, the document, dubbed Main Directions of the Government's Activity Until 2018, says.

"By 2018, we have to create conditions for the implementation of key elements of a new model of economic development to ensure that the Russian economy must reach at least average global growth rates, based on the fast growth of private investment with the use of advanced technological solutions."

Last year's outflow of European and American capital from the Russian economy and the rise in undervalued ruble-denominated assets has seen a surge of investment from developing markets from Asia, the Middle East and Latin America.

Last month, Russian President Vladimir Putin stated that "it's completely obvious to specialists that the main peak of difficulties has passed," adding that Russia has adapted to the new economic conditions.

Putin added that the country must now work to create conditions to open the economy for international investments: "Attracting private investors must be a benefit for the economy and not a problem. Attracting private investments is one of the general paths of economic development," the president noted.