Nabiullina predicted the timing of the start of the transformation of the economy

According to the HEAD of the Central Bank, the economy can temporarily exist on existing reserves, but they run out and then structural transformation and "search for new business models" will begin.She warned about rising prices during this period Elvira Nabiullina

The Russian economy will be able to exist for some time thanks to reserves, but they are finite, said the head of the Central Bank, Elvira Nabiullina, RBC correspondent reports. "And already in the second - the beginning of the third quarter, we will enter a period of structural transformation and the search for new business models," she said.

Nabiullina noted that the economy is entering a “difficult period of structural changes associated with sanctions,” which primarily affected the financial market, but now “will begin to increasingly affect the economy.” This period, according to her, will be accompanied by an increase in prices for certain goods, inflation will be above the target.

On April 7, Prime Minister Mikhail Mishustin said the economy would need at least six months to recover and rebuild after the sanctions. The Ministry of Economic Development announced four days later that the Russian economy could recover to the end of 2021 in a year.

Oreshkin warned about the continuation of the "economic war" against RUSSIA Economics

According to the April forecasts of the World Bank, Russia's GDP will shrink by 11.2% by the end of the year. In 2023 and 2024, it is expected to grow by 0.6% and 1.3%, respectively, analysts added.

In March, the Central Bank presented the first macroeconomic consensus forecast since the new expansion of sanctions against Russia. According to the economists polled, instead of the 2.4% growth expected in early February, GDP will fall by 8% this year.

The EU, UK, usa , Japan, and other countries have introduced several packages of sanctions against Russia since the end of February. They affected the financial sector, Central Bank reserves, industry, exports and imports. Mishustin called the situation in the economy after the new restrictions “difficult, but working” and called for taking advantage of the emerging “historically unique space of opportunities.”

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