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World Bank Upbeat Despite Oil Worry.
(From The Moscow Times)
The economy is becoming less dependent on oil and gas, but not fast enough to meet President Vladimir Putin's goal of doubling gross domestic product by 2010, the World Bank said Wednesday.
While manufacturing output is growing faster than natural resource extraction for the first time since 2000 -- 8 percent versus 6.8 percent -- much of the growth is a "trickle-down effect from the oil industry," Christof Ruhl, the World Bank's chief economist for Russia, said at a presentation of the Washington-based lender's eighth annual Russian Economic Report.
"High crude oil prices have triggered a multiplier leading to an increased production in other industries," the report said, adding that Russia remains too dependent on export commodity prices "to cushion growth against oil price volatility."
Rail car production, for example, is up more than 50 percent this year, mainly because oil companies are exporting more via rail to avoid bottlenecks in the state-run pipeline network.
The fastest-growing manufacturing subsector in the first five months of the year was machine building (up by 14.2 percent), followed by chemicals (10 ...
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