Economy and limitations -

Economy and limitations

Nabiullina called the main restrictions for the Russian economy.

Economy and limitations

The Russian economy is now generally protected from external risks, and its development is hindered mainly by internal causes. This was stated by the head of the Bank of Russia Elvira Nabiullina, speaking at the International Financial Congress in St. Petersburg.
According to her, the current economic conditions are clearly not like the risk scenario, since oil prices are now higher than expected and Russia continues to be interesting for global capital markets. In addition, the Russian economy is protected from surges in volatility, including due to low inflation and government fiscal policy, Nabiullina said. Therefore, in her opinion, external risks are not the main threat to GDP growth.
At the same time, the growth rate of the Russian economy is very low, the business does not yet see prospects, the incomes of the population practically do not grow, and citizens are weakly aware that the macro-stability achieved has given them a better quality of life, Nabiullina said. The potential of the Russian economy can be increased only through structural reforms, the head of the Central Bank believes. Transformations, according to Nabiullina, should ensure the redistribution of financial and labor resources into areas with higher productivity and creating increased value added.

The main factor for positive change is a radical improvement in the investment climate, Nabiullina said. According to her, it is necessary to create incentives for entrepreneurs, since economic growth is created not by the state, but by business. At the same time, private investment is not cheap loans in state-owned banks, but equity and business funds, which they are willing to risk for development and profit, the head of the Central Bank added. Willingness to take such a risk depends on the investment climate, Nabiullina added.
According to Nabiullina, improving the investment climate is not limited to reducing administrative barriers. Need to protect private property, independent courts, human development, she listed. “We have been saying these words practically unchanged for many years. At first they seemed to be correct, then a common place, then the appeal to the investment climate theme seemed to be“ empty words ”of officials, and now it looks like a cry of despair,” Nabiullina concluded.
Earlier, the Bank of Russia lowered its forecast for GDP growth in 2019. Now the Central Bank expects the economy to grow not by 1.2-1.7 percent, but by 1-1.5 percent.

According to Rosstat, in the first quarter, Russian GDP grew by only 0.5 percent in annual terms. The Ministry of Economic Development expects the economy to rise by 1.3 percent in 2019.

Source: Russian newspaper

04.07.2019 09:22:45
(Automatic translation)

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