The Russian Minister of Economy, Maxim Reshetnikov, acknowledged that the country is nearing a recession, despite President Vladimir Putin’s previous optimism. Speaking at the SPIEF, Reshetnikov noted an economic slowdown and warned of increasing risks for businesses. He urged for more supportive economic policies, particularly from the Central Bank’s Elvira Nabiullina, who has maintained high interest rates to combat inflation. Nabiullina admitted that many resources fueling Russia’s growth have been depleted, necessitating a new economic model. Meanwhile, Finance Minister Anton Siluanov argued that the current model remains viable. The economy faces stagnation due to reduced investments, partly caused by high interest rates, which have led to numerous business closures. Sberbank’s Anatoli Popov suggested that lowering interest rates could revive investments. Despite challenges, Putin remains optimistic about Russia’s economic resilience amidst international sanctions.
— new from Infobae
