Russia's growth to continue.

Russia has been growing impressively, according to International Monetary Fund (IMF) statistics since 1999. The average rate of GDP growth is 5.4 percent for the 10 years from 1998 through 2007 and including IMF estimates for 2006 and 2007. The average also includes 1998 when the economy contracted 5.3 percent. If 1998 is left out of the calculation, the nine year average growth rate is 6.5 percent.

Against this performance record, it seems surprising that Russia's finance minister would share the opinion that Russia is likely to grow at a slower pace, especially since world prices for commodities (Russia is one of the world's most important oil producing countries) are likely to maintain their upward trend.

According to Agence France-Presse (AFP), in a June 14, 2006 wire story, this is not the only surprise the finance minister offered. The AFP covered an "international economic forum" in St. Petersburg where the finance minister said that the inflow of oil revenue was actually hurting the economy. He said that the revenue was hindering reform and at the same time undermining the will of companies to diversify.

Russia's consumers have participated in the overall growth. Per capita income is expected to double in the nine years between 1998 and 2007. In constant prices, GDP gained 59 percent for the same period (not an exact comparison).