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Russia’s Economy Is Overheated, Exposed to External Shocks
The overheat of Russia’s economy drives up its vulnerability to external shocks, said CBR First Deputy Chairman Alexei Ulyukaev.
“The overheated economy is more vulnerable to external shocks,” Ulyukaev said during Modernization of Economy & Globalization Conference held at the High Economy School.
The signs of the overheat are evident in Russia, the official went on, mentioning recommencement of inflation growth, the gap between the growth rates of income and labor efficiency, the gap between the growth in domestic demand and supply as well as the excess of actual growth of GDP over the basic production.
When touching upon the external shocks, Ulyukaev first mentioned the 50-percent increment in global inflation past year. In this environment, the 40-percent increment in Russia’s inflation doesn’t look so bad, the official pointed out.
The possibility of global recession is the second shock, Ulyukaev said, giving the turbulence on global financial markets as another challenge.
In view of it, Ulyukaev concluded, CBR is first to focus on maintaining macroeconomic stability, basing its efforts on more conservative budget and monetary policy. “Our key aim is the price stability,” Ulyukaev explained, adding, however, that financial stability is sometimes the highlight and CBR is ready to ensure liquidity for the banks for this purpose.
www.kommersant.com
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