Russia’s GDP will grow by four per cent this year and next year, the International Monetary Fund (IMF) said yesterday. “High oil prices, strong wage growth, and robust consumption have supported demand,” said the report. “Meanwhile, the unemployment rate has fallen below six per cent and capacity utilisation in manufacturing has risen to its pre-crisis peak.” However, volatile oil prices pose a risk to this outlook, the IMF warned. It also told the BRIC to cut its budget deficit to avoid letting the economy overheat, and burdening future generations excessively. The report suggests reforming the pension system, raising the pension age to 63 years by 2030 and to 65 by 2050, stabilising spending at 2010 levels.