Russia needs to accelerate the restructuring of the economy against the backdrop of sanctions imposed by Western countries and the global crisis. This was stated by the Chairman of the Central Bank Elvira Nabiullina, noting that in the future the situation could become even worse.
“In recent months, the situation and the balance of risks for the global economy have shifted somewhat towards, if not a full-scale global crisis, then a more severe scenario”– said Nabiullina.
According to her, this does not mean that Russia should simply observe the development of events and “wait for the weather by the sea.”
Structural adjustment, as Nabiullina explained, will differ for different industries: “somewhere it is a search for new foreign markets, somewhere – alternative foreign suppliers of raw materials, components, equipment, somewhere – a reorientation to the domestic market, an increase in the degree of processing, change in the product itself.
The head of the Central Bank warned that the process of restructuring the economy would be difficult and would take more than one year.
Earlier, Nabiullina said that the Russian banking system withstood the shocks of this year and maintains a margin of safety.
