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Published: Wednesday March 12, 2014 MYT 9:10:01 PM
Updated: Wednesday March 12, 2014 MYT 9:11:12 PM

Putin says dissatisfied with Russia's economic growth rate

Russian President Vladimir Putin takes part in a news conference at the Novo-Ogaryovo state residence outside Moscow March 4, 2014. REUTERS/Alexei Nikolskiy/RIA Novosti/Kremlin

Russian President Vladimir Putin takes part in a news conference at the Novo-Ogaryovo state residence outside Moscow March 4, 2014. REUTERS/Alexei Nikolskiy/RIA Novosti/Kremlin

SOCHI, Russia (Reuters) - Russian President Vladimir Putin told the country's top finance and economy officials on Wednesday that the current forecast for gross domestic product this year was unacceptable.

"I will again stress that the existing growth rates and those forecast by the government cannot satisfy us," Putin told Central Bank Governor Elvira Nabiullina, Finance Minister Anton Siluanov and Kremlin economic adviser Andrei Belousov.

The central bank envisages GDP growth of 1.5-1.8 percent this year, while the economy ministry puts the rate at around 2 percent.

Many economists say the economy will expand at a much slower rate, hurt by Russia's involvement in Ukraine.

(Reporting by Alexei Anishchuk, writing by Lidia Kelly, editing by Elizabeth Piper)

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