Elvira Nabiullina, head of Russia’s Central Bank, on economic recession: ‘I don’t like looking for the rock bottom.’
During a discussion of the current state of the Russian economy at the Finopolis forum, Elvira Nabiullina, the head of Russia’s Central Bank, said that she prefers not to “look for the rock bottom” in any question, including questions of economy.
“I have always said, and I say once again, that in the event of any financial downturn, we must speed up our own structural transformation,” Nabiullina explained.
Earlier, on November 8, Nabiullina spoke before the Russian State Duma. She said that, in recent months, the balance of global economic risks had shifted in the direction of a crisis: “if not a full-scale global crisis, then at least a harder scenario.”
“If the world finds itself in crisis, our own path will also become more difficult,” she noted. In Nabiullina’s view, restructuring the Russian economy will take more than a year.
In April, the Central Bank predicted that technological regress would accompany the reorganization of Russia’s economy in isolation from the world. The analysts expected that sectors that achieved a high plank of digitization, and those that rely the most on modern technologies imported from abroad, would suffer the most under the new conditions.
The Russian Ministry of Economic Development forecasts that Russia’s GDP may shrink by 2.9 percent in 2022, and by 0.8 percent in 2023.
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