RIA Novosti cited Mr Erik Berglof chief economist at the European Bank for Reconstruction and Development as saying that Russia is unlikely to attain its declared gross domestic product growth target of 4.5% in the next few years.

Mr Sergei Storchak deputy finance minister of Russia that the country's GDP would reach USD 2.3 trillion by 2015 expanding quicker than the rest of the world by about 1 percentage point.

Mr Berglof said that Russia's current growth was only supported by high prices for oil, the country's key export. Russia, unlike other emerging countries was facing capital outflow which stood at USD 21 billion in the Q1 of 2011 after about the same figure in the Q4 of last year.

He said that the international financial crisis hit Russia most compared with other Group of 20 states and the country needed further reform to reach such ambitious growth rates.

Russia's official GDP growth forecast stands at 4.2% in 2011. In April, the Economic Development Ministry cut its forecast to 3.5% in 2012 and 4.2% in 2013 from 3.9% and 4.5% respectively. In 2014, the ministry forecasts 4.6% growth.

(Sourced from RIA Novosti)