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The Scale of Noninvestment in Russian Industry

Despite the fact that the savings rate in the national economy, according to the estimates of many researchers,1 has been exceedingly high and surpassed the analogous values for the Western European countries and the United States, the absolute level of investments in Russia since 1990 has declined by three-fourths and the amount of investments for production purposes by four-fifths (see Table 1). Such a significant drop in investment activity requires a more detailed consideration of the "noninvestment" process, which has become widespread in our country in recent years.