In Russia, they announced the "peak overheating" of the economy

11.06.2024/08/00 XNUMX:XNUMX    9

The Central Bank of Russia spoke about the state of the economy

The Bank of Russia today sees the biggest signs of overheating in the consumer demand segment. This is largely due to high income growth.

In Russia, they announced the peak of overheating of the economy

Photo: LiveInMsk.ru

The Russian economy is at the peak of overheating. This was stated by the director of the monetary policy department of the Bank of Russia, Kyrylo Tremasov, rosZMI reports.

"I think that the peak of overheating of the economy is the top point of the business cycle somewhere here, we are somewhere nearby, but the trajectory of the slowdown and cooling of demand is still a matter of our careful study," he noted.

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According to Tremasov, in autumn, the current rate of price growth, the speed at which prices change, was double-digit. After raising the rate to 16%, price growth slowed sharply.

He added that the Bank of Russia today sees the greatest signs of overheating in the segment of consumer demand. This is largely due to high income growth.

"We have not grown at the rate at which salaries and incomes of the population are growing now for more than 15 years," he noted.

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Tremasov explained that income growth is taking place against the background of an unprecedented shortage of labor resources. It is this problem that companies put in the first place from the point of view of business development prospects, and not difficulties with attracting financing due to high rates.

"If now, when the economy is overheated, demand is overheated, we try to stimulate business restructuring by lowering rates, believe me, everything will go up in prices," the director of the monetary policy department of the Bank of Russia emphasized.

The Central Central Bank's April inflation forecast for 2024 is 4,3-4,8%. The Bank of Russia expects GDP growth in 2024 in the range of 2,5-3,5%. The Central Bank will clarify the medium-term forecast based on the results of the key meeting of the board of directors on July 26.

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"If we see that the situation in the economy, the situation with inflation deviates from our forecasts, then we can make a decision to raise the key rate," Tremasov said.

It was also reported that inflation in Russia at the end of 2023 amounted to 7,4%.





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