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PM KASYANOV NAMES FACTORS IMPEDING ECONOMIC GROWTH
MOSCOW, OCTOBER 31, 2002 /from RIA Novosti correspondent Andrei Malosolov/ -- Russian Prime Minister Mikhail Kasyanov described the trend of maintaining the structure of the Russian economy orienting to raw material exports as alarming. He made such a statement opening a regular government session Thursday.
According to him, over the first nine months of 2002 the economic structure neither turned towards the processing industry, nor lessened its dependence on raw material exports.
At the same time, Kasyanov said that the majority of industrialised nations rely on the processing industry. This means that given a serious (negative) change in prices of raw material exports the Russian economy may face serious trials, Kasyanov stressed.
According to him, the government is not satisfied with the fact that in January-September 2002 Russia's imports grew by 12 percent while exports fell by 1 percent.
The Russian premier also noted the slow down in investments in the country to 2.5 percent in 2002 from 7.5 a year earlier. At the same time, he said that 60 percent of investments go to raw-material producing sectors, while investments in the processing industry are on the fall.
The premier said that the negative trend with investments, as well as low growth in labour efficiency and administrative barriers are still the factors hampering economic development.
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