Continued economic growth in Russia, along with other members of the Commonwealth of Independent States (CIS), a loose alliance of ex-Soviet republics, is assured by the high price of oil and other raw materials on world markets, according the trade and development report published on Wednesday.
Growth of CIS countries' economies is predicted at 7.3%, compared to 7.7% last year, according to UNCTAD experts.
The group also predicts that the world economy as a whole will expand 3.4% in 2007, less than the 2006 rate of 4%, mainly due to a slowdown in U.S. growth, expected to level off at 2% this year, down from 3.3% in 2006.
The report also says that for the first time, GDP growth rates in the European Union (2.8%) and Japan (2.3%) are expected to overtake that of the U.S.
UNCTAD experts predict that China and India will see the highest GDP rise, at 10.5% and 8.5% respectively, while GDP among African nations will climb by an average of 6%, compared to 5.6% in 2006. Latin American and Caribbean countries are expected to see growth of 4.7%, down from 5.7% in 2006.
The Russian Economic Development and Trade Ministry plans to adjust its prediction for 2007 national economic growth to around 7.3-7.4%, a spokesman for the ministry said.
