While Putin called “Destination of Depression”, the head of Sberbank warned a real threat to the Russian economy due to high betting, ruble exchange rates and investment deficiency.
The leader of the Sberbank of the Russian Federation German Gref said the Russian economy was in the “perfect storm” conditions that have developed many problems. He said this, speaking to St. Petersburg International Economic Forum, reports of the Moscow Times on Friday, June 20.
“We are talking about the high real rate that forces the business to postpone investments. This, unfortunately, threatens economic growth not only this year, but, which is more important, in the future for two or three years,” Gref said.
Separately, he pointed to the problem of the Ruble course. According to him, the current ratio of 78-79 rubles per dollar is far from balance, which significantly hits the export sectors and the State of the Russian Federation State. Gref also remembers the growth of budget deficiencies, which the Ministry of Finance will have to be paid by the end of the year.
“We are caught behind the developed productivity countries – from 40% to four times in different sectors. We need to open reserves that each of us has clearly have,” he emphasized.
Other representatives of the authorities have also identified problems. The head of the Ministry of Economic Development of the Russian Federation Maxim Reshetnikov, said that because of the high rate, the economy “was on the verge of a backwards.”
At the same time, middle bank leader Elvira Nabiullina believes it is just an “output -out”.
The financial minister Anton Siluanov called the “cooling” situation, adding, they said, “After the cold, the tag is always coming.”
Earlier, the deputy head of the administration of the President of the Russian Federation Maxim Oreshkin, said the current model of economic growth was depleted. The Kremlin confirmed that he was discussing new techniques.
According to Rosstat, GDP’s growth in January -April 2025 slowed 1.4% per year (compared to 4.3% in 2024), industrial production – up to 1.2% (from 4.6%), trading earnings – up to 2.4% (from 7.2%).
Meanwhile, Russian Federation head Vladimir Putin is confident that the strategic goal for 2025 is the transfer to “balanced growth” and the abstinence.
“Our most important task this year is to ensure the economic transition to a balanced growth trajectory. What does that mean? We must achieve moderate inflation and low unemployment,” said Kremlin’s owner.
He added that inflation on June 16 was reduced to 9.6%, noting that “the positive dynamics of inflation exceeded the forecasts” and began a careful financial policy softening. “
So, according to Putin, GDP growth in January -April reached 1.5%, in April – 1.9%.
“Some experts indicate the dangers of discomfort or even withdrawal. This, of course, will not be allowed in any case,” he warned.
The leader of the Russian Federation called for a “thoughtful budget and financial policy”, which should be aimed at “support and stimulation of growth”, when “maintaining macroeconomic and financial stability”.
Earlier it was reported that despite the rapid rising oil prices in the world, Russia’s income from exporting raw materials remains under pressure due to the strengthening of national currency.
Keep in mind that the state of Duma of the Russian Federation approved in the first reading of the Federal Budget Government Reading for 2025. They provide an increase of more than three times budget deficiency at last year’s level.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.