MOSCOW, June 5. /TASS/. The key priority at present is to maintain Russia’s economic growth rate at least at 2%, despite the uncertainty introduced by impending new sanctions from the European Union and the United States, President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin told TASS.
"It is crucial right now to keep the economy growing at a rate of at least 2% and to prevent inflation from breaching single-digit levels – meaning it must not exceed 9.9%. I believe the Central Bank, in its key rate decisions, is operating under the assumption that some degree of economic cooling is necessary, but excessive cooling would be dangerous," Shokhin stated.
He stressed the importance of accounting for external factors that could adversely impact the economy.
"Given the current sanctions pressure, the unpredictability of the global economy, and the uncertainty surrounding multiple elements such as logistics, payment systems, and beyond, it is difficult to argue that the key interest rate can fully govern inflation, supply, and demand. For example, if the European Union moves forward with its 18th sanctions package, including severe restrictions on oil and gas exports or if the United States Senate passes legislation imposing a 500% tariff on Russian oil and introduces secondary sanctions against buyers who violate those draconian measures, then the entire landscape will change," he added.
At the same time, Shokhin noted, the Russian Union of Industrialists and Entrepreneurs advocates for a flexible approach that can adapt to both global market shifts and domestic conditions.
"Not long ago, we were hoping that some form of resolution to the Ukrainian crisis would be reached by summer. It is now clear that such expectations have not materialized, and this, too, contributes to the overall uncertainty," he said.