Nabiullina: the Russian economy is developing according to the scenario of accelerated adaptation

Today, the Russian economy is developing according to the accelerated adaptation scenario. This statement was made by the Chairman of the Central Bank Elvira Nabiullina during her speech at the St. Petersburg Economic Forum (SPIEF).

“Russian business, the Russian economy has been developing according to the accelerated adaptation scenario. Our businesses adapted very quickly,” she said (quote according to RIA Novosti).

Nabiullina noted that the restructuring of the Russian economy is going faster than expected. According to her, the negative forecasts did not come true. The head of the Bank of Russia explained that this was facilitated by measures to support the government and the Central Bank, as well as “the adaptation of many thousands of our enterprises, which turned out to be very flexible and agile.”

In March, Russian 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 notedthat the consequences of sanctions against Russia “were able to limit.” According to him, the Russian economy “is gradually adapting to new realities.”

Russian President Vladimir Putin previously also stressed that Western countries failed to “crush” the Russian economy. According to him, the Russian economy and the management system turned out to be “much stronger than the West believed.” During a meeting with military correspondents on June 13, the Russian leader declared about the growing economic problems in the West. At the same time, GDP growth of 1.5-2% is expected in Russia.

Against the backdrop of the start of Russia’s special operation in Ukraine, Western countries imposed large-scale sanctions against the Russian Federation, which affected many sectors of the economy, including energy, the high-tech sector, aviation, the banking industry, the mining industry, the automotive industry, etc.

In this regard, the Russian authorities announced the need for structural restructuring of the economy. In May 2022, then Chairman of the Accounts Chamber Alexei Kudrin expressed the opinion that the economy of the Russian Federation will be rebuilt in one and a half to two years.