The growth of the Russian economy in November and December has already ceased to be frontal, the first signs of cooling were manifested.
This was stated by the head of the Ministry of Economic Development Maxim Reshetnikov, speaking at the final collegium of the ministry, the Russian state media reported on Monday, February 17.
“Now we see the first signs of cooling in the economy. Already in November and especially December, we see that growth has ceased to be frontal. The pace in a number of industries has slowed down: in the food industry, chemical industry, woodworking, individual engineering sectors. The volume of orders is reduced At the business, ”the minister said.
According to him, a bright example here is the automobile market, where sales and cars, and mainly special equipment, agricultural machinery, are falling due to high rates on loans.
Tighten monetary policy, increasing the key rate, the growth of macro -proportional requirements leads to compression of lending – this restrains not only demand, but also significantly affects investments, and therefore the future offer of products, the head of the department explained.
“Monetary policy also directly affects the budget policy. Growth in bets leads to an increase in the cost of maintenance and public debt, and servicing the obligations that the budget has taken upon itself – we are talking about preferential lending programs. The government is already streamlining preferential lending programs “, – said Reshetnikov.
The minister noted that the agency works with the Bank of Russia and the Ministry of Finance “on the mutual reasons of monetary and budgetary policy”, including “assessing the volume and structure of lending”. “We are looking for a balance between the containment of inflation and the growth of the economy,” said Reshivikov.
In addition, according to the minister, work is carried out to “stop the risks in individual industries due to the consequences of tightening the DCP”.
He said that “with colleagues from the RSPP,” Business Russia “, development institutions, the banking sector monitor the financial condition of industries,” is the development of spot support measures.
The Minister estimated the potential of economic growth at 3 percent per year. “We believe that this parameter is achieved, although this task is ambitious. For this, it is necessary to implement measures to develop an institutional environment and all measures of economic policy that are laid down in updated national projects,” Reshetnikov said.
Bank of Russia estimates the potential of economics growth of 1.5-2.5 percent per year.