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Russia sees 4% growth in 2011, 6% in 2012: deputy PM

Russian Deputy Prime Minister Igor Sechin forecast Wednesday that his country’s economy will expand four percent this year before accelerating to six percent in 2012.

“We forecast that growth this year will not fall below four percent and six percent after,” Sechin told AFP, quoting official data, adding that state investment in programmes involving gas giant Gazprom would drive the economy.

The economy grew 3.8 percent in 2010, just under the four percent expected by Moscow but marking a sharp recovery from the 7.9 percent contraction in 2009 due to the global economic crisis.

Sechin is accompanying Russian President Dmitry Medvedev to the World Economic Forum meeting in Davos.

Medvedev is keeping to his engagement of making the keynote address at the gathering attended by 2,500 business executives and political leaders despite Monday’s bomb attack on Moscow’s main airport.

Ahead of the Russian president’s speech, Sechin said that the country offers a favourable environment despite Monday’s attack.

“The expectations of the market are great,” be it in infrastructure, energy or development of industry like automobiles, he said, adding that Russian officials plan to increase contacts with potential investors during the meeting.