The World Bank predicts that Russia's gross domestic product (GDP) will grow by around seven per cent in 2008.
Despite the slowdown on global markets, Russia's economy has continued its strong growth. The Bank's Chief Economist for Russia, Zeljko Bogetic, says the growth is due to the government's macro-economic policy, rising domestic demand, high oil prices and revenues accumulated in the country's stabilisation fund. In the past five years, the Russian economy has grown at an annual rate of more than 7%, except for 2005, when GDP expanded by 6.4%.