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Structural transformation of Russian economy to continue in any scenario

The Bank of Russia expects that the monthly price growth rate will be 4% or even lower by the end of 2024, Central Bank chief Elvira Nabiullina noted

MOSCOW, April 26. /TASS/. The Russian economy will continue the structural transformation either in the base case or in the alternative case of the macroeconomic forecast, Central Bank chief Elvira Nabiullina said at the press conference after the regulator’s Board meeting.

"The structural transformation of the economy will continue in any scenario," she said.

The Central Bank increased the GDP growth estimate in the base case to 2.5-3% this year and the alternative scenario does not rule out an increase of the key rate if disinflation stops, Nabiullina noted.

The breakthrough growth of investments is partly related to the recovery of the potential lost by the economy due to the pandemic in 2020 and the "political shock" in 2022, the Central Bank chief said. "The main reason nevertheless is exactly the structural growth of the investment activity," she added.

The Bank of Russia expects that the monthly price growth rate will be 4% or even lower by the end of 2024, Nabiullina noted. "We consider that current price growth rates - monthly rates are meant - will be at the level of 4% or even lower by the end of the year," she added.