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Eastern Economic Forum

Peak of overheating in economy passed, early to speak about end of process — Sberbank CEO

The influence of high demand for price dynamics persists, while inflation expectations of households and business also remain elevated, Herman Gref noted

VLADIVOSTOK, September 5. /TASS/. The peak of overheating in the Russian economy has been passed, though it is too early to speak about completion of this process, Sberbank CEO Herman Gref said on the sidelines of the Eastern Economic Forum (EEF).

"It is probably too early to say that the economy is longer overheated. The fact that we currently see stabilization and the lack of further growth of key economic growth indicators demonstrates that the peak has probably been passed. However, there is still impact on prices regarding demand for workforce," he said.

The influence of high demand for price dynamics persists, while inflation expectations of households and business also remain elevated, Gref noted.

"This is why it is probably too early to say that we have already passed the peak of inflation," he said. The chief executive expects zero growth of prices or their decline in September. "Nevertheless, it is probably too early to say that we have shifted to the stage of declining rates," he noted.

The Eastern Economic Forum is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF this year is 'Far East 2030. Combining strengths to create new potential'. Business activities are broken down into seven thematic blocks: 'New contours of international cooperation', 'Technologies to ensure independence','Financial value system', 'the Russian Far East', 'People, education and patriotism', 'Transport and logistics: new routes', and 'Master plans: from architecture to economy'.

The Roscongress Foundation is the Forum’s organizer. TASS is the general information partner of the EEF.

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Eastern Economic Forum

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