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MOSCOW, January 12. /TASS/. Russia needs a large-scale increase of investments because of wear and tear of transport, energy, public utility and social infrastructure, the World Bank said in its research of the Russian economy.
"The infrastructure investment needs are staggering. Russia’s public expenditure on infrastructure amounted to less than 1.0% of GDP a year in 2012-14, while the investment needs are estimated to be about US$1 trillion-75% of Russia’s 2015 GDP," the World Bank said.
"Depreciation of capital stock, particularly in transport, energy, public utilities, and social infrastructure, is the main driver of the need for major infrastructure investment," the research says.
Russia’s transport network is vast yet unevenly distributed geographically and suffering from poor quality, the World Bank reports. "Traffic congestion on the core road network increases transportation costs and hinders urban growth by extending commuting times. The most affected regions are those that are not connected to the main railway and road transport systems or are far from the main trade and service centers in the Western part of the country," the Bank said.