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The government's key macro-economic goal is to cut inflation to 5-6% by 2008
The government's key macro-economic goal is to cut inflation to 5-6% by 2008, the Russian deputy economic minister said Wednesday. Andrei Sharonov told a regional investment congress in Moscow that the government would be unable to keep inflation within 11% this year. The government initially planned to keep consumer price growth within 8-10% in 2005, but then changed its inflation target for 10-11%. Lately experts and government officials have said that inflation will hit 11-11.5% this year. Sharonov said lower inflation would improve Russia's investment environment considerably. "The reduction of inflation to 5-6% per year will improve considerably the terms of project financing and help develop mortgage lending," Sharonov said. He also said there were two big differences between the economy with 12% inflation and the economy with 5-6% inflation. "If the government cuts inflation to 5-6% by 2008, this will be its greatest achievement in terms of the development of the investment environment," Sharonov said.
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