According to Nabiullina, the growth of Russian GDP in the third quarter of 2023 significantly exceeded the expectations and operational statistics for 4 quarter indicates the preservation of this trend, so the economy works on the verge of its capabilities. "Imagine that the economy is a car. If you try to go faster than the car design, and so much to press on gas, then the engine will sooner or later overheat, and we will not go far.
We will go, maybe not long, but not long," - - - - She explained Nabiullin. According to her, in the case of such a situation with the economy, the creation of each additional unit of goods will be given more and more expensive. "The attempt to grow faster than the potential through a soft monetary policy will spill out in rising prices, which will eat more and increase salaries.
As a consequence, we will not receive a real increase in the welfare of society," the Russian Central Bank chairman added. With the help of raising Nabiullin's rate, he wants to contain inflation in Russia and avoid such a bad scenario. We do not consider in the United States that the war in Ukraine creates a "significant load" on the Russian economy, if not aggression, GDP would be 5% more.
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