Nabiullina urged to prepare for the economic downturn

The economic situation may worsen, and we must be prepared for any development of the situation, assessing it soberly, said Elvira Nabiullina, Chairman of the Bank of Russia. But even if the situation worsens, Russia is obliged to carry out structural restructuring of the economy, Ms. Nabiullina said during speeches at the plenary session of the State Duma.

“We really need to look at the situation very soberly with open eyes – this is the main thing. And be ready for any development of the situation, ”said the chairman of the Central Bank (quote from “Interfax”).

“Yes, the situation may worsen, we understand that. But even despite the deterioration of the situation, we must, we are obliged, as a country, to carry out a structural restructuring of the economy,” Elvira Nabiullina noted.

According to the forecast of the Central Bank, the Russian economy in 2022 will decline by 3-3.5%, in the second half of next year the economy will return to growth.

“In the next two years, GDP growth rates will stabilize somewhere at the level of 1.5-2.5%. But further growth will depend on the success of economic restructuring. And she needs financial stability. If inflation rises, such restructuring will obviously slow down,” Ms. Nabiullina also said.

Previously Chairman of the Central Bank spokethat the structural transformation of the Russian economy will take more than one year. In response to the deteriorating financial situation in the world, Russia needs to accelerate structural transformation, also stated she is.

Maria Fedotova