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Russia is among states restoring economic growth faster than others — Bank of Russia

In many sectors of the economy the growth of demand is now outstripping the growth of supply, Elvira Nabiullina noted

MOSCOW, June 11. /TASS/. Russia is in the group of countries that will be the first to restore their economic growth to the pre-pandemic level, Head of the Bank of Russia Elvira Nabiullina said at an online conference following a meeting of the regulator's board of directors.

"Already now, if we do not take into account the restrictions on oil production and international passenger transportation, the output in most basic industries has not only returned to the level at the end of 2019, but also exceeded it. Russia is in the group of countries that are first to reach their pre-pandemic level of output," she said.

Nabiullina noted that in many sectors of the economy the growth of demand is now outstripping the growth of supply, therefore, companies need more time to introduce new capacity and recruit staff.

According to her, demand is growing not only domestically, but also abroad, which is associated with a faster recovery of the global economy and trade than previously expected.

"The main reasons are the reduction of epidemic risks amid the vaccination, and the extremely soft monetary and budgetary policies of the leading countries," the head of the Bank of Russia stressed.

Earlier, the regulator predicted the return of the Russian economy to the pre-crisis level in the second quarter of this year. The Bank of Russia believes that the economy is supported by the recovery of external demand amid the gradual improvement of the epidemic situation in the world.