World Bank concerned about future of Russia's reforms

The Moscow office of the World Bank has summarized the results of 2002 and drawn contradictory conclusions. On the one hand, the Russian economy has been enjoying stability and rather good growth over the past four years. On the other hand, the quality of the economy still leaves much to be desired. According to Chief Economist of the World Bank's Moscow office Christoph Ruel, he would leave the World Bank for the private sector in the event he was satisfied with the development of the Russian economy. The reasons for this position are not new: the Russian economy is dependant on the oil market and this dependence grows only stronger. Another factor that complicates the state of the economy is the need for structural reforms, such as reforms of natural monopolies, the housing and communal sector and state agencies as well as reforms on the banking and stock markets. Nobody, including the government, can predict now when these reforms will start and in what way they will be carried out, the Vremya Novostey newspaper reported.

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