St. PETERSBURG, June 5 – Trend Wire. It is inappropriate to talk about hypothermia in the Russian economy as a whole, but the situation is very different by sector, said Deputy Chairman of the Bank of Russia Alexey Zabotkin.
“It is inappropriate to say that we have hypothermia in the economy as a whole, but the situation varies greatly by sector,” he said at a Sberbank business breakfast at the SPIEF.
Zabotkin explained that today in many business sectors there has been a strong decline in demand since 2024, but at the same time, demand in other segments has increased.
“We see a bunch of industries that are growing at double-digit rates year on year – both in terms of output and in terms of investment,” he emphasized.
The deputy chairman of the Central Bank also explained why it is inappropriate today to talk about hypothermia in the country’s economy as a whole.
“What can be considered hypothermia or an excessively harsh monetary policy? This is if economic activity falls below its potential level, that is, if unemployment rises. Today, unemployment of 2.1% is a historical minimum, and so far it has not moved from this point,” he said.
Unemployment in Russia remains at historical lows. Thus, according to the latest data from Rosstat, unemployment in the country in March amounted to 2.2%. The historical minimum was recorded in August last year – 2.1%, since then the figure has fluctuated around 2.1-2.2%.
This year the St. Petersburg International Economic Forum takes place from June 3 to 6. Trend Wire is the general information partner of SPIEF.
Source: Ria