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Bank of Russia’s Chief names main constraints for national economy development

Elvira Nabiullina also noted that the Russian economy had experienced a lot of shocks, but some time after, anti-crisis measures and reserves made it possible to return "to its original state"

ST. PETERSBURG, July 3. /TASS/. The head of the Bank of Russia’s, Elvira Nabiullina, considers shortage of labor, as well as the difficulty of access to technology and "long-term" investments to be the main limitations for the development of the national economy

"I would highlight three types of restrictions, they are interconnected. This is the labor force. [In addition], the situation shows us that we can no longer grow extensively, and growth can only be due to labor productivity, and labor productivity is technology. For us, the limitation is access to technology, our own technological development. All this, of course, requires investments, we need long-term sources of financing for investments," Nabiullina said speaking at the Financial Congress of the Bank of Russia.

She added that already three quarters of domestic enterprises are complaining about a labor shortage.

Nabiullina also noted that the Russian economy had experienced a lot of shocks, but some time after, anti-crisis measures and reserves made it possible to return "to its original state."

However, things are different now. "Serious changes are now taking place - both in the world and here. If we talk about the world, there is fragmentation, and we are redirecting ourselves to new markets, new logistics, [and also have] difficulties in cross-border payments. Of course, this creates a new situation," the head of the regulator said.

About the congress

The Financial Congress of the Bank of Russia is the annual largest international financial forum in Russia, which brings together experts, representatives of Russian and foreign structures, heads of central and commercial banks, financial institutions and the business community.

Congress sessions are interactive discussions during which current issues facing the Russian and global financial systems are discussed. TASS is the general information partner of the congress.

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