Nabiullina urged to be prepared for the deterioration of the situation in the country

At the same time, the HEAD of the Central Bank announced the need to continue the restructuring of the economy and indicated thatthat inflation in RUSSIA today is not much different from price increases in comparable economiesElvira NabiullinaElvira NabiullinaElvira Nabiullina

The economic situation in the country may worsen, but even in such conditions it is necessary to carry out a structural restructuring of the Russian economy. Elvira Nabiullina, Chairman of the Bank of Russia, stated this at a speech in the State Duma.

“We really need to look at the situation very soberly with open eyes - this is the main thing. And be ready for any development of the situation. Yes, the situation may worsen, we understand that. But even despite the deterioration of the situation, we must, we are obliged, as a country, to carry out a structural restructuring of the economy, ”she said (quoted by Interfax).

Nabiullina noted that the task of the financial sector and monetary policy is precisely the solution of the question of how to finance the restructuring of the economy.

At the same time, she said, inflation in Russia is not much different from price increases in comparable economies, although the country has experienced more powerful economic shocks. The head of the regulator added that Russian banks are stable, lending is growing as a response to the increased needs of the economy.

Nabiullina said,that the future today is "as hazy as ever"

The authorities began to talk about the need for “perestroika” in the Russian economy this spring, after the sanctions imposed by Western countries. In early April, Prime Minister Mikhail Mishustin said the economy would need at least six months to recover and rebuild after the sanctions. “The economy needs time to rebuild. It is impossible with such an impact not to have at least six months to reorganize with such an impact, ”he said.

Analysts of the Central Bank described the outlines of the structural transformation of the economy in the April issue of the bulletin "What Trends Say". In their opinion, perestroika will be accompanied by technological regression in a number of industries; sectors that use the most advanced foreign technologies or have achieved a high level of digitalization are at risk of being hit harder than others. In addition, analysts of the Central Bank believe that the role of "shuttle small businesses" will again grow in Russia.

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The head of the Accounts Chamber, Alexei Kudrin, previously estimated the timeframe for the first stage of economic "perestroika" at two years - this is the time it will take to adapt to new conditions and "first steps." A deeper restructuring of the economy will take considerable time, the head of the Accounts Chamber believes: investment cycles for some products are five to ten years. He also believes that the depth of the economic downturn in the early years of "perestroika" of the economy will depend on the development of the situation in the global economy.

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In mid-August, the Ministry of Economic Development developed a draft forecast of Russia's socio-economic development for 2022–2025. The ministry expects that in the current and next year the Russian economy will shrink by 4.2 and 2.7%, respectively. The agency changed its forecast from May, then it expected a decline of 7.8 and 0.7%, respectively.