Moscow. (Interfax) - Investments played an increasing role in economic growth this year, the Russian Ministry of Economic Development and Trade said.
"This year has been a watershed in the Russian economy," Mikhail Dmitriyev, a first deputy economy minister, said at a conference on the Model of Social development in Russia and the Role of Business.
In January-September, the contribution made by internal demand to economic growth decreased from 4.4% to 3.9% of GDP, while investment's contribution rose from 0.3% to 2.7%, Dmitriyev said.
"But we must not stop here," he continued. "In the last few years the Russian economy has been protected by good world market trends and high energy prices, and if we slow reforms down we will have a whole set of problems on our hands as soon as those prices fall."
Reforms of the banking system, tax system and natural monopolies must be continued in the next few years.
And next year could be "decisive in determining when Russia accedes to the WTO," Dmitriyev said. "We are hoping for a breakthrough in talks next spring. If this happens, Russia will still have a chance of joining the WTO the year after."
Russia should also start negotiating entry into the OECD in time, but it will have to pass a great deal of new laws first, Dmitriyev said.
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