The pace of Russia's economic development in 2004 will reach 5 per cent, Russian Premier Mikhail Kasyanov disclosed.
When speaking at a cabinet meeting on Thursday, the Premier recalled that the current economic growth was estimated at 4.5 per cent.
Kasyanov also hopes that in 2004 the government will manage to cut inflation in the country to 10 per cent.
"If we succeed it will be great progress," the head of the Russian government stated.
The Premier explained that lower inflation would give a powerful impetus for economic growth and larger income base. It means that the country is currently reaching a new, higher level of economic development, Kasyanov said.
At the meeting of the Russian government on Thursday the ministers discussed main characteristics of the 2004 federal budget. According to Kasyanov, a budget is "a concentrated expression of a country's economic policy". Therefore, it took the cabinet time to develop measures of its implementation in 2004. According to Kasyanov, the government has decided that the taxation and budget areas will influence the economy by lower taxes in order to increase the growth in industrial processing sectors.