U.S. Markets closed

Russia to grow by annual average of 2.5 percent until 2030: Economy Minister

Alexey Ulyukayev, First Chairman of the Central Bank of Russia, speaks during a panel discussion at the VTB Capital investment conference in New York, April 18, 2012. REUTERS/Keith Bedford

MOSCOW (Reuters) - Russia's economy will grow by an annual average of 2.5 percent until 2030, Economy Minister Alexei Ulyukayev said on Thursday, citing the ministry's base scenario for long-term economic development.

The new forecast is a revision down from the earlier envisioned 4.3 percent.

"The pace of Russia's economic growth will fall behind the global average in the forecast period (until 2030)," Ulyukayev told journalists.

(Reporting by Lidia Kelly)