MOSCOW: One shouldn’t confuse a recession with an economic slowdown, Central Bank Governor Elvira Nabiullina said, adding that there is no ...
MOSCOW: One shouldn’t confuse a recession with an economic slowdown, Central Bank Governor Elvira Nabiullina said, adding that there is no recession in Russia.
"First of all, we shouldn't confuse a recession, which I agree is associated with very negative phenomena, with an economic slowdown. Yes, there is an economic slowdown, but there is no recession. And even when people talk about a technical recession, they mean the economy has been declining for two consecutive quarters. We haven't seen even that," she said at the Moscow Financial Forum.
A recession can't be judged by a single indicator, even as important as real GDP, Nabiullina added. "Usually, a recession is accompanied by a decline in real incomes, high unemployment, not just increased unemployment, but high unemployment. And if a recession is caused by a cooling of demand, it is accompanied by low inflation," she explained.
"Indeed, inflation has fallen [in Russia], but it still remains above the target. Therefore, in my opinion, we don't have any signs of an economic recession," the Central Bank chief concluded.
TASS is the general information partner of the Moscow Financial Forum.
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