Medvedev: Russian economic growth rate 'insufficient'

Prime Minister Dmitry Medvedev is dissatisfied with Russia's economic growth in the first half of the year.

Prime Minister Dmitry Medvedev is dissatisfied with Russia's economic growth in the first half of the year.

"The rate declined in the first half of the year," Medvedev said at a government meeting on Thursday.

"The figures are nothing to rejoice about," he said, adding: "We understand full well that the pace of growth is insufficient."

The reasons why have been repeatedly analyzed and a host of measures to resolve the issue have been proposed. "But of course there must be a reckoning that objective constraints on economic growth persist, both externally and domestically," Medvedev said.

Under the circumstances, "we can place the main emphasis on the qualitative component of growth. We simply have no other options," he said.

"A key question is growth in investment activity and attracting so-called long money. Reliable mechanisms for investing the resources of the National Welfare Fund and pension accumulations in infrastructure projects that we reckon can recoup investment need to be worked out," he said.

A second aim is to ensure access to loan resources, especially small and medium enterprise, Medvedev said.

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