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Главная \ News \ Mr. Oreshkin called on the government and the Central Bank to support demand to reduce inflation to 3%

Mr. Oreshkin called on the government and the Central Bank to support demand to reduce inflation to 3%

In 2019, inflation in Russia will be closer to 3%, the government and the Bank of Russia need to coordinate their efforts to support aggregate demand corresponding to inflation target of 4%, said the head of the Ministry of Economic Development Maxim Oreshkin. He said this at the VTB Capital investment forum “Russia is calling!”

“How many do not deal with structural reforms, it is important that the aggregate demand corresponds to the potential level. This year, inflation will be closer to 3%, this is much lower than the expectations that the Central Bank had with us”, he said. According to him, this means a shortfall in a certain amount of aggregate demand.

“And what is it? These are lost earnings by the population, lost earnings by companies, lost budget revenues. According to our estimates, the lack of aggregate demand this year is more than 1 trillion rubles”, the minister added.

According to Mr. Oreshkin, the Central Bank began to respond to this problem. He called on the government to coordinate its actions with the Central Bank in this regard, so that the aggregate demand corresponded to inflation of 4%, and inflation stably kept near the target level.

 

Source: www.interfax.ru

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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