world news - 31.10.2002

World Bank predicts russian economic growth of 4%

The World Bank is "inclined to agree" with the forecast of the Economic Development and Trade Ministry regarding the growth of Russian GDP in 2002 (4%). The World Bank states this in its report about Russia's economy published in October. According to experts of the bank, in accordance with quick growth of real incomes of the population, consumer demand will remain the main moving force of the economic growth.
Along with this, experts of the bank note that Russia's economic parameters still decisively depend on export of natural resources, first of all, oil. According to the World Bank, an average growth in the resource-oriented industries (fuel and energy sector, nonferrous metallurgy and timber industry) increased from 5.4% (between January and September 2001) to 6.5% in 2002, whereas a similar parameter in the processing sector (machine building, electric energy industry, ferrous metallurgy, chemical, consumer and food industry) fell from 5.5% to 3.3%.
According to the Economic Development and Trade Ministry, between January and September 2002, the GDP grew by 4% in comparison to 5.3% during the same period of 2001. © Reuters

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