Russian economy to return to pre-crisis level in 2024 — Central Bank chief

Business & Economy June 09, 2023, 17:37

It is noted that structural changes taking place require a particular approach when making decisions on the monetary policy

MOSCOW, June 9. /TASS/. The Russian economy will return to the pre-crisis level in the next year, Governor of the Central Bank Elvira Nabiullina said at a press conference after the Board meeting.

"According to our forecast, considering the gradual substitution of the external demand by the internal one, the economy will completely return to the pre-crisis level in the next year," Nabiullina said.

Structural changes taking place require a particular approach when making decisions on the monetary policy, the Central Bank chief said. "Firstly, such expansion of the domestic demand in conditions of a limitation on the supply side leads to the inflation pressure buildup in itself. Secondly, this means an extra increase in labor market rigidity," she noted.

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