Head of Central Bank forecasts three difficult years for Russia’s economy

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Recovery of the Russian economy may take time, said the head of the Central Bank Elvira Nabiullina, speaking in the State Duma.

According to her, the signs of recovery are already visible, but 3 difficult years are expected.

She said that the Central Bank expects a small increase in GDP in 2017.

“Although, we see that the processes in the different sectors and in different regions are still very heterogeneous and unstable,” said Nabiullina.

She believes that economic recovery may stretch in time, because the affecting factors will be different than before the oil prices dropped.

“We are all well aware of, and talking about changing economy behavior, and the model of economic development,” she said.

The most important result of two years of adaptation to the new conditions was the fact that the Russian economy is starting to grope for a new growth model.

“The goal of the Central Bank is to support this process, to ensure a stable financial environment for the formation of internal sources of investments,” added Nabiullina.

At the same time, internal and external conditions remain complicated in the next three years. “We are not expecting a substantial restructuring of the economy and an increase in its capacity,” she said.

Source: RIA

 

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