MOSCOW, Nov 23: Russia should post economic growth this year of about 7 per cent, Economic Development Minister German Gref said on Thursday.

“At the end of the year 2006 we see growth for the current year of around 7pc,” he told Interfax news agency in Helsinki.

His projection surpassed the 6.6 per cent forecast by his ministry, which has said the economy expanded 6.8 per cent from January to October compared with the same period last year.

Russian momentum, which came to 6.4 per cent in 2005, has picked up this year thanks to higher oil prices.

But the International Monetary Fund warned in early November that the robust growth in evidence since 2005 was reaching its peak and called for greater budgetary discipline.

The Fund voiced concern about the draft 2007 budget, which it said reflected a “significant” relaxation, with oil revenues likely to be used to reduce taxes and boost spending. —AFP