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Russian Economy To Lag Behind Global Growth

Russian President Vladimir Putin (foreground) speaks with Economy Minister Aleksei Ulyukayev. (file photo)
The Russian economy minister has acknowledged for the first time that Russia's economy would lag behind global growth in the next 20 years.

Aleksei Ulyukayev forecast that Russia's economy would grow by an annual average of 2.5 percent during that period -- down from an earlier projection of 4 percent.

Presenting a revised long-term economic strategy, Ulyukayev told reporters on November 7 that "the pace of Russia's economic growth will fall behind the global average" in the forecast period, or until 2030.

Ulyukayev said the slower growth risked delaying the achievement of ambitious goals for economic development laid out by President Vladimir Putin in May 2012, shortly after he began his third term as president.

Russia's $2 trillion economy has slowed sharply since Putin's return to the Kremlin.

Based on reporting by Reuters and RIA Novosti