The Russian economy looks set to continue growing at about 3.5% to 4% over the next few years. But this is not enough to satisfy president Vladimir Putin, who said in his 1999 state-of-the-nation address that Russia needed to catch up with Portugal, western Europe’s poorest nation.
“There has been a good start over the past two years but the pace needs to quicken from here,” says Chris Weafer, head of research at Troika Dialog. “The economy has to move away from oil and other commodity dependency.
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