Interfax cited Mr Odd Per Brekk IMF's Russia representative as saying that the International Monetary Fund has lowered its Russian GDP growth forecasts from 4.8% to 4.3% in 2011 and from 4.5% to 4.1% in 2011.

He said that "For Russia this growth is 4.3% this year and 4.1% next year. He added that "Russia has every opportunity to achieve 6% growth."

He also said Russia could also stabilize inflation at 3%-5% in the mid-term.

The IMF in April raised its 2011 growth forecast for Russia by 0.3pp and its 2012 forecast by 0.1 pp but it has now reverted to the forecast is gave last December.

Mr Andrei Klepach Deputy Russian Economic Development Minister said the ministry's forecasts were not far off those of the IMF, but that its 2012 forecast was even more conservative.

He said he thought Russian GDP might grow 4.5% to 5% per year in the next few years. He added that "We have the opportunity to grow by 4.5% to 5% even, but that will depend on structural changes in the economy."

(Sourced from Interfax)