CBR does not expect significant restructuring of the Russian economy in the next three years, said the head of the Bank of Russia Elvira Nabiullina, speaking at a joint meeting of the committees of the state Duma on the financial market and on the budget and taxes. According to her, the internal and external conditions for the Russian economy during this period will be difficult.
“We expect that in the next three years, the external conditions for our economy is, unfortunately, difficult. And internal conditions will not be easy. While we do not expect significant restructuring of the economy and increase its capacity. The fact that the increase in growth potential may only be due to structural measures, and the effect of these measures is extended in time and accumulates for years, it does not appear immediately, and we understand that and have to lay in their forecasts”, – quotes the President of the Central Bank of the Russian Agency “Interfax”.
To date there have been signs of recovery of the Russian economy, and in the following year, the Central Bank expects a slight GDP growth , said Nabiullina. “But we see that processes in different sectors and regions is still very heterogeneous and unstable. While the proportion growing industries are small, but they are, and in every industry there are companies that grow,” she said, adding that this specific weight, according to the Central Bank, will increase as the transition of the Russian economy to a new growth model based not only on the export of hydrocarbons.
“We need to be aware that the old economic model based on exports of raw materials and boosting consumption, including consumer loans, have been exhausted. This resulted not only in an economic slump in crisis period, but also in the gradual attenuation of the growth rate in previous years. We saw an attenuation of the rate of growth even before the fall in oil prices, and this is evident in the fact that potential growth rates are now estimated us somewhere below 2%, if not carried out structural changes,” – said the head of the Central Bank.
“The economy is starting to find a new model of development, and the task of the Central Bank to support this process, to ensure stable financial conditions for the formation of internal sources of investments”, – concluded the speaker.