  We consider a bosonic $\s$--model coupled to two--dimensional gravity. In the
semiclassical limit, $c\rightarrow -\infty$, we compute the gravity dressing of
the $\b$--functions at two--loop order in the matter fields. We find that the
corrections due to the presence of dynamical gravity are {\em not} expressible
simply in terms of a multiplicative factor as previously obtained at the
one--loop level. Our result indicates that the critical points of the theory
are nontrivially influenced and modified by the induced gravity.
