The Russian economy has gained resilience thanks to robust macroeconomic policies and low government debt. The estimates of the World Bank (WB) did not become a revelation or news for the Ministry of Economic Development of the Russian Federation, a representative of the department told Izvestia on Monday, December 20.
Earlier in the day, the World Bank’s chief economist for Russia, David Knight, spoke about the risks to the Russian economy, among which he highlighted a pandemic, rising inflation, the possible imposition of sanctions and the transition of Western countries to renewable energy sources.
The representative of the Ministry of Economic Development noted that the risks identified by Knight are “obvious and with varying degrees of probability applicable to many countries” – given the emergence and spread of new strains of COVID-19, “geopolitical tensions in different regions of the world and other factors.” According to him, the trajectory of the global economy as a whole is now characterized by increased uncertainty, risks of slowing growth, and disruption to supply chains.
Speaking about Russia, he stressed that it “is not the first time it has faced external shocks,” for which various mechanisms have been created to respond.
He added that now everything is being done in the Russian Federation to accelerate economic growth, new instruments are being implemented and existing instruments are being modernized.
“The fact that the Russian economy has passed the test of the pandemic better than many countries was noted by various international financial institutions, which had previously predicted a deeper decline for us,” said a spokesman for the economic department.
He said that strategic initiatives for socio-economic development have been approved and are being implemented. Increasing the flexibility of the economic system, the ability to quickly adjust it to changing external conditions “will minimize the range of deviations from the target trajectory,” he said.
“Our task is not just to keep up with the technology race, but to find and develop those niches where we can take leading positions. To make the most flexible and efficient export support system – to ensure the possibility of using unexpectedly opening export niches, ”the interlocutor said.
He noted the particular importance of import substitution, especially for critical infrastructure facilities. At the same time, in the era of “trade wars”, integration processes in the EurAsEC are of particular importance, he stressed.
“The totality of the results of decisions made by the Russian government in 2018–2021 (government programs, national projects and other point decisions) allows us to bring economic growth to target targets. At the same time, the main condition is their implementation in full, “- concluded the representative of the ministry.
On November 18, the head of the Central Bank Elvira Nabiullina said during a speech in the State Duma that the economic recovery after the pandemic is as insidious as the recovery of a person after the coronavirus. She added that this year the Russian economy has already returned to a pre-pandemic trajectory.
The day before, Russian President Vladimir Putin said that the Russian economy had already recovered from the consequences of the coronavirus pandemic in mid-2021, this is a visible result of the entire business community. After a rapid economic recovery, rapid and high-quality growth is needed, the head of state said.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
