Russia hopes for stable economic growth within three years

The Russian economy may grow at 4 percent in two or three years, an official said Wednesday.

The current economic model is outdated and unsuitable for the country, presidential aide Andrei Belousov was quoted by the TASS news agency as saying, and Russia should look for new growth sources to achieve the target, he said.

"It is still possible to achieve such economic growth, although the recipes vary greatly," he added.

Slumping oil prices and Western sanctions imposed to punish Moscow's alleged role in the Ukrainian crisis have pummeled the Russian economy, driving the ruble to record lows against the U.S. dollar. Endi