The growth of investments in fixed assets in Russia was 2.5 percent in the first nine months of 2002 as compared to 7.5 percent in the corresponding period of 2001, the World Bank's chief economist for Russia Christof Ruhl reported at a presentation of the bank's fourth economic report on Russia today. According to him, over 60 percent of these investments were made in the fuel and energy industry, transportation, state construction and housing facilities.
This year, the Russian government is forecasting economic growth at 4 percent annually; according to the forecast of the World Bank, this level will be reached. At the same time, Ruhl pointed out that if the growth of investments remained at 2.5 percent next year, economic growth would decline and would not reach the level of 5 to 10 percent by 2010, as the government forecasted, even in the event high oil prices were preserved. In order to reach an economic growth rate as high as 5 to 10 percent, it is necessary to have a 17-percent growth in investments. However, this is an approximate figure, as it depends on many factors, including oil prices, the rate of return of Russian money to the country and other indices, Ruhl stressed.