Mikhail Fradkov has announced that the economic growth is slowing

Friday, October 18, 2019

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Mikhail Fradkov, Russia's prime minister, has announced that the economic growth is slowing. The prime minister expressed his concern over the economic indicators of the year at his meeting with the Duma council. "In terms of economic growth and real incomes of the population, we are not reaching the projected indicators. We are concerned over the slowing economic growth and a series of social problems," said the prime minister. According to him, a set of complicated laws are to be adopted and some problems are to be resolved "to prevent them from being insurmountable in the future." To quote Mr. Fradkov, the government is interested in hearing and heeding the opinion of State Duma deputies. "We want to consult them as to how it would be better to solve problems, and outline joint ways of achieving the goals and implementing the tasks that will be facing us next year," said the prime minister. According to him, the government is now preparing a medium-term program of socio-economic development for 2005-2008, and this will be a good opportunity of continuing to work with the Duma." The prime minister also thanked deputies for their budget adopting efforts and assured them that the remarks they made during the budget process would be taken into consideration. According to Mr. Fradkov, the program of socio-economic development being drafted now will pay particular attention to issues pertaining to individual sectors and to strategies of relevant ministries and their performance, which will underlie the new budget process. The budget will in turn be oriented to the result that would pave the way for solving the tasks facing the government, i.e. reduction of poverty, increase in GDP, and most importantly, social tasks, said Mr. Fradkov. The Russian cabinet will consider the program for Russia's socio-economic development up to 2008 on December 22.

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