CB: the Russian economy need a year to adapt to external negative

CB: the Russian economy need a year to adapt to external negative


However, in the medium term, according to the Central Bank, the result of adaptation should be the restoration of balanced growth of the Russian economy and enhancing its resilience to external shocks.

MOSCOW, 11 Dec. The Russian economy requires not less than a year to adapt to adverse external conditions, according to a published on Friday the report of the Central Bank on monetary policy.

“According to the Bank of Russia, for the adaptation of the economy to negative external conditions, you’ll need at least another year. During this period, should reinvigorate the reallocation of labour and capital resources in economic sectors that have potential for import substitution or products which are competitive in the external market”, — the document says.

Earlier the Deputy Minister of Finance of Russia Maxim Oreshkin said that, in the opinion of the Ministry of Finance, the Russian economy has adapted to external shocks. However, the Minister of Finance Anton Siluanov believes that talking about the complete adaptation of the early — remain risks of increasing fiscal deficits.

According to the Central Bank, these risks much more: it is, in particular, on the structural constraints, problems of demography, insufficient labour mobility. “This may have a dampening impact on economic growth and upward – at producer prices,” — said in the report.

However, in the medium term, according to the Central Bank, the result of adaptation should be the restoration of balanced growth of the Russian economy and enhancing its resilience to external shocks.