"World economic growth may reach its peak this year and then slow down, as we predict, in 2005. This forecasts goes also for Russia," Hans Timmer, a World Bank global economic analyst, said while presenting the Global Economic Prospects report. Russia is mentioned in the report for the first time.
In 2004 the world GDP will grow by 3.7%, in 2005 it will drop to 3.1%, in 2006 it will be 3%, Mr. Timmer said.
As regards doubling the GDP in Russia, the World Bank analyst was doubtful.
"If the cabinet does want to double it, much work has to be done outside of the oil sector," he said.
"We believe that the very high economic growth in Russia in 2003 [7.5%] is due to the high prices of oil. It does not mean the prices will remain unchanged during the decade," he concluded.
