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Maxim Reshetnikov - about the "new economic reality"

The rise in prices for certain types of goods, including metals, is one of the manifestations of the “new” post-COVID reality, Economic Development Minister Maxim Reshetnikov said in an interview with RBC.

Rising prices are a consequence, among other things, of programs to help businesses in the context of a pandemic and the easing of budgetary and monetary policy in the global economy, the emergence of a large free money supply. According to Reshetnikov, the world will inevitably face global inflation, and this period is unlikely to be short-lived. “We need to prepare for the fact that there will be volatility, [including] the volatility of commodities,” Reshetnikov said. This volatility, in turn, creates the opportunity for booming earnings in some industries. According to him, the government is now discussing ways to withdraw "a fair part of this rent in the eyes of society" to the budget through tax mechanisms, including for financing social programs. At the same time, according to Reshetnikov, the incentive for private investors and the ability for companies to pay dividends must be maintained. “The main thing is no revolutions,” the minister believes.

Read and watch the full version of Maxim Reshetnikov's interview for more information about the new economic reality, price hikes and super profits of companies, and what options for replenishing the budget and protecting the population from inflation are being considered by the government:

Interview with Maxim Reshetnikov RBC. Main Economy