Nabiullina announced the conditions for the economy that have changed “forever” Russia

has lost participation in the international division of labor, the economy needs to reorient itself from exports to the domestic market, the HEAD of the Central Bank believes. According to her, "still" will no longer be,

The external environment in which the Russian economy operates has changed, and likely will change forever, says Bank of RUSSIA Governor Elvira Nabiullina. She stated this at the SPIEF session "The Russian Economy: Modern Challenges and Support Points", RBC correspondent reports.

“it seems to me that it is obvious to everyone that there will still not be. We are already repeating this as a banal phrase <...> - the external conditions have really changed for a long time, if not forever, and have changed significantly. We, as a country, are currently losing participation in the international division of labor, because our exports are at a discount, imports are at a premium. And in these conditions, of course, in my opinion, it is necessary to rethink <…> the benefits of exports,” Nabiullina said.

She noted that exports were previously considered as “such an inherent value of ours”, because thanks to it, foreign exchange earnings come into the country. However, according to her, if foreign exchange earnings from exports do not buy imported goods, and if its accumulation has become risky (foreign currency savings of companies and banks that fall under Western sanctions can be frozen), then you need to think about the fact that a significant part of the production should work for the domestic market.

“GDP is a good indicator, but when we want to measure and talk about the well-being of people, it is certainly not a volumetric indicator. We all understand this. Well, at least GDP per capita [should be used]. The second, which is very important, is the distribution of this wealth and wealth among the people. The problem of inequality is not only a socio-economic problem. If there is inequality in access to education, this all affects labor productivity,” the head of the Central Bank said.

Oreshkin called Siluanov, Nabiullina and Reshetnikov a "medical team" Economics

Maxim Oreshkin, Assistant to the President of Russia, also spoke at SPIEF about the fact that not short-term, but profound changes are taking place in the world.

“What is happening in the world right now is not really some short-term history, these are very deep changes, deep changes in geopolitics,” he said.

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Oreshkin also mentioned the speech of the President of Russia in Davos in January 2021, where Vladimir Putin spoke about the world's desire for unipolarity, the problems of social inequality and macroeconomic policy.

“Everything that is happening now is one of the links in this big chain ... It will not be the same as before,” Oreshkin said.