Nabiullina called the risks of managing the structural restructuring of the economy

The temptation to manage the structural restructuring of the Russian economy can lead to the suppression of private initiative, and in extreme cases, the restoration of the planned economy. This was stated by the Chairman of the Central Bank Elvira Nabiullina at the St. Petersburg Economic Forum (SPIEF).

“The temptation to manage the restructuring of the economy can lead to the fact that we suppress private initiative, not to mention the risk, as a last resort, of restoring the planned economy,” she said (quote according to TASS).

To do this, it is enough for the state to concentrate the right to decide where to direct resources, as well as which industries and which projects need to be developed. At the same time, Nabiullina stressed that the structural transformation is proceeding faster than the regulator’s expectations due to adaptation to the business situation.

In March, Prime Minister Mikhail Mishustin declaredthat in 2024 the period of adaptation of the Russian economy to external pressure will end and the country will move “to a new path of development”. At the same time, he doubted that “attempts by other countries to influence Russia” would weaken.

In January, Russian Foreign Minister Sergei Lavrov noted that the consequences of sanctions against Russia “were able to limit.” According to him, the Russian economy “is gradually adapting to new realities.”