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Russia likely to become world’s fifth largest economy by 2020

Russia will become the world’s fifth largest economy by 2020, should its GDP  keeps an annual growth rate of 6 to 7%, said Russian Minister of Economic Development and Trade Elvira Nabiullina.

„If we maintain the GDP growth at 6% to 7% per year, we’ll join the group of the world’s five largest economies,” the minister was quoted as saying by Russia’s RIA Novosti news agency. „We are setting ourselves this goal,” she said. Under a forecast drawn up by her ministry in November for Russia’s economic development until 2020, the country’s GDP is expected to exceed $5 trillion in 2020 given a foreign exchange rate of 30 rubles equivalent to $1. The forecast also put Russia into the position of the world’s fifth largest economy measured by the GDP by 2020 while overtaking all the other European countries.

Russia’s GDP in 2007 is expected to reach $1.3 trillion, a surge of more than 7% driven by growing household consumption and a boosted business activities, the RIA Novosti reported, citing a report of the ministry. (