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Risks of global financial crisis possible in medium term — Sberbank CEO

Herman Gref pointed out that the Bank of Russia acted responsibly by indicating such risks

VLADIVOSTOK, September 3. /TASS/. Sberbank CEO Herman Gref sees the risks of the global financial crisis in the medium term, he told reporters on the sidelines of the Eastern Economic Forum.

"As for the global financial crisis, there is obviously a risk. The Bank of Russia acts responsibly by indicating such risk. We have suffered from underestimating risks many times, it is better to overestimate them than underestimate them," he said, adding "Unfortunately, this threat is present in the medium term".

On September 2, the Bank of Russia published a draft of the main directions of monetary policy for 2022-2024, in which it considered three alternative scenarios to the baseline. The ‘Financial Crisis’ scenario illustrates the risks associated with a significant increase in the debt burden in the global economy due to the pandemic, which will cause Russia's GDP to decline by 1.4-2.4% in 2023, followed by a recovery in economic activity in 2024 to a growth of 3-4%.

The sixth Eastern Economic Forum is being held in Vladivostok on September 2-4 in a hybrid (combined online and in-person) format, the main topic of the business program is "New Opportunities for the Far East in a Changing World." Other programs that are part of the forum include Youth EEF, EEF Junior, and Far East Street. The forum is organized by the Roscongress Foundation. TASS is the general media partner and the official host photo agency of the event.