Russia to join top five economies in next decade

Russian Prime Minister Vladimir Putin said on Wednesday that Russia would become one of the world’s top five economies in the next decade.

“In the next decade, Russia should join the world’s top five economies in terms of GDP. But it is not so much about the figures but rather the quality of development based on innovations and higher efficiency,” Putin said at a meeting with Russian car makers in Togliatti on the Volga river.

The premier also warned against de-industrializing the country by moving production units to other countries. Putin said Russia should have the entire technological and industrial production chain on its own territory, from research and design to manufacturing.

He cited the examples of developed countries which had transferred plants to developing countries but saw their positions weaken on the high-tech markets.

The premier called for diversifying the economy and cutting its dependence on energy exports. He said the labor market and education had to be modernized, and well-paid jobs provided. Putin also called for new ambitious projects in energy, construction and infrastructure.

Putin also said Russia needed a new wave of industrialization.

“I mean the high-tech industry of the 21st century based on free competitive market,” he said.

The premier, who has been promoting Russian car-making industry, tried a new model of the Togliatti-based Avtovaz line, Lada Granta, which is to come on sale in December for 220,000 rubles ($8,000) in a basic version.

“It’s a good car,” he said. “It is a good car for travelling to a country house.”

TOGLIATTI, May 11 (RIA Novosti) 

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