MOSCOW, October 24. /TASS/. Sanctions, both new and secondary, and global trade wars slow down the global economy, Economic Development Minister Maxim Reshetnikov told the III Congress of Ministers of Economic Development of the Subjects of the Russian Federation.
"Taking into account the current situation and forecast estimates, we will have to achieve long-term economic growth in slightly more difficult conditions than we thought and assumed a year ago. You and I have learned how to work in a challenging environment and we know that any task, even the most difficult one, has its own set of solutions, even if they are not always simple. They just need to be accepted on time," the minister said.
He added that in the coming years Russia will have to work under restrictions, including expensive money, staff shortages, and rising tariffs, primarily in the energy sector.
"All this will increase the costs of companies and put pressure on their profitability, especially next year in conditions of high interest payments," Reshetnikov said. "The external economic pressure will also continue. We understand that new sanctions, including secondary ones, and the outbreak of trade wars between the major economies are all slowing down the global economy. This undermines demand for resources, which means risks for the price environment and demand for our exports. Moreover, given the strong ruble, you know that in the federal forecast, the ruble has strengthened significantly throughout the period, and the economy will work with more difficulty.".