"The Economic Development Ministry has been instructed to prepare, in conjunction with federal executive agencies concerned and the Bank of Russia, and to submit, by November 1, proposals on measures aimed at boosting economic growth," the Cabinet press service reports.
The measures are likely to include reforming natural monopolies and public utilities, implementing large national investment projects, stimulating investment activity, developing transport infrastructure, providing the protection of property rights, raising the efficiency of using natural reserves, and creating conditions for economic development of the regions and further economic reintegration of the Commonwealth of Independent States.
The ministry's proposals will be taken into consideration when putting together a mid-term socio-economic development program (2005-2008), the press release says.
At its session Thursday, the Cabinet adopted the nation's 2005 economic outlook that envisages a 6.3% rate of GDP growth as the basis for draft budget calculations. Cabinet members pointed out the necessity of elaborating measures to speed up Russia's economic growth.
Replying to reporters' questions, Economics Minister German Gref said Thursday that he was waiting for other ministries to contribute, by late September, their own proposals on economic growth acceleration. Only after that will the Economic Development Ministry be able to say when the nation will realistically manage to double its Gross Domestic Product, he said.
Speaking at the Cabinet session Thursday, Prime Minister Mikhail Fradkov said the economic forecast through 2007 that had been submitted by the ministry provided no solutions to the challenge of doubling the GDP.
