A sharp increase in the production of goods and services could have negative consequences for the Russian economy, including a rapid transition to recession. For this reason, to ensure a smoother development of production in the long run, opens Words of Ksenia Yudaeva TASS, First Deputy Governor of the Central Bank (CB).
“If you want to maximize production this year, expect a recession next year because you will be overused, inflation will begin, problems will begin and you will fall into a recession. In principle, it is much better to have a smoother development for long-term development,” Yudaeva said in her speech at the NES Gur Ofer Memorial Days conference.
In his opinion, it is important that the Russian authorities do not fall into the tension between short-term efficiency and long-term sustainability. In this context, the task of monetary and fiscal policy should be to ensure smoother development.
December 16 Central Bank (CBRT) President Elvira Nabiullina allowedThat the decline in GDP will be 3% or less by the end of 2022. It will depend on the dynamics in November-December.