Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
St. Petersburg, July 2 (Xinhua) — Russia has entered a period of cyclical cooling of the economy, which is inevitable, Elvira Nabiullina, head of the Central Bank of Russia, said at the Financial Congress in St. Petersburg on Wednesday.
According to E. Nabiullina, earlier economic downturns in Russia were associated with external shocks, and for the first time the country is fully going through a period of cyclic overheating with cyclic cooling. In this situation, as she pointed out, the main task is to manage long-term growth, and therefore it is necessary to direct resources where they give the greatest return.
Sberbank CEO German Gref also noted that there are signs that the Russian economy has begun to slow down sharply. Among the reasons for this phenomenon, he named the high key rate in the country, the crisis in the raw materials markets, the fall in prices for key export goods and difficulties in the labor market. –0–