ALEXEI VEDEV IDENTIFIED GROWTH FACTORS IN THE RUSSIAN ECONOMY AT THE ABALKIN READINGS SCIENTIFIC FORUM
On September 27, Alexei Vedev, Board Member of the VEO of Russia, Head of the Financial Studies Department of the Gaidar Institute took part in the Abalkin Readings scientific forum on the theme “Consensus Approach: What Awaits Russia’s Economy?” held at the House of the Economist. The event was sponsored by the Free Economic Society of Russia, the Economics Section of the Russian Academy of Sciences and the Scientific Coordination Council on Socioeconomic Forecasting, RAS.
Alexei Vedev has identified the growth factors in the Russian economy. They include sanctions, foreign trade, exit of foreign companies from the Russian market and the economic policy of the RF Government and the Russian Central Bank. “In 2022, a stimulative monetary and fiscal policy became the main factor which ensured a small decrease in GDP. At present, we see the tightening of the monetary policy and potential consolidation of the fiscal policy. Their effect on growth rates will be evident in Q4 2023,” Alexei Vedev notes.
Among the external risks to the Russian economy, Alexei Vedev listed the following: high key rates, slowdown of global economic growth and global investment activity, high rate of inflation, tightening of global financial conditions and prices on raw materials, while domestic risks include worsening of the situation in extractive industries, reduced capacity to finance investments, vulnerability to external shocks and the ruble’s exchange rate.