Need 10-15 yrs to become developed country: Russia
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Last Updated: Sunday, October 10, 2010, 11:41
  
Moscow: Russia will need about 10-15 years to become a developed country.

"We are gradually approaching the high income countries, but still not enough," Russia's Deputy Prime Minister and Finance Minsiter Alexei Kudrin said on the Rossiya TV channel. "Over the past decade we even had money to make a reserve."

The economy of Russia is the twelfth largest economy in the world by nominal value and the seventh largest by purchasing power parity (PPP). Russia has an abundance of natural gas oil, coal, and precious metals. It is also rich in agriculture. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a globally-isolated, centrally-planned economy to a more market-based and globally-integrated economy.

PTI


First Published: Sunday, October 10, 2010, 11:41


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