Russia’s economic slowdown was planned — Kremlin

Business & Economy June 20, 12:31

According to Dmitry Peskov, discussions are ongoing within the government’s economic bloc about whether the deceleration has been sufficient and whether a slight acceleration is needed

ST. PETERSBURG, June 20. /TASS/. The slowdown in Russia’s economic growth was part of a planned course of action, and current debates are centered on whether the economy should now be accelerated, Russian presidential spokesman Dmitry Peskov said in response to a request to comment on remarks made by Economic Development Minister Maxim Reshetnikov, who said the Russian economy is on the verge of a recession.

"The economic deceleration, the slowdown, was carried out in a fully planned manner by the Bank of Russia. And now we are seeing the economy respond to the measures that the Central Bank implemented," Peskov said.

According to him, discussions are ongoing within the government’s economic bloc about whether the deceleration has been sufficient and whether a slight acceleration is needed. "And to what extent should we accelerate? Should it be done rapidly or gradually? These are the questions our economists are currently debating," the Kremlin spokesman emphasized.

According to him, "many countries are facing similar trends," including the United States and European nations. "We are seeing the ongoing debate between the US President and the Federal Reserve regarding the key interest rate. There are a lot of parallels," Peskov noted.

"But disputes aside, when it comes to our economy, one thing can be said for certain - all of this is unfolding within a framework of fully ensured macroeconomic stability. And that is a good thing," the Kremlin spokesman concluded.

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