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Central Bank assesses economic situation in Russia as close to equilibrium

Earlier, Finance Minister Anton Siluanov said that the growth rate of the Russian economy in 2019 could exceed 1.3%

The Bank of Russia assesses the situation in the country's economy as being close to equilibrium, First Deputy Chairman of the Russian Central Bank Ksenia Yudaeva announced this at the XX April International Scientific Conference on Wednesday.

"The results we are seeing now show that inflationary pressure turned out to be lower than expected, the impact of VAT was quite restrained, as well as the influence of some other factors. It should also be noted that the situation in global markets was changing. If at the end of last year there was very strong volatility, now, for some reason, the situation has calmed down, it also contributed to stabilization of both inflation risks and inflation expectations in the Russian economy. At the same time, our demand has a rather moderate influence on inflation, we assess the situation in the economy as being close to equilibrium," said Yudaeva At the same time, she noted "unfortunately, we have a balance with a fairly small rate of economic growth."

Earlier, Finance Minister Anton Siluanov said that the growth rate of the Russian economy in 2019 could exceed 1.3%.

"This year we will be able to get the growth rate of the economy not lower, but higher than was forecasted (1.3%). I hope that these positive trends will continue until the end of this year," he noted. At the same time, the Minister noted that the GDP data for two months of the current year turned out to be optimistic - the economic growth was around 1.5%, although initially the forecast assumed lower growth rates. In addition, Siluanov noted the continuing risks to the global economy. According to him, monetary and fiscal policies that stimulate the world economy, whether in the United States or Europe, have been exhausted, and trade wars and confrontations do not push the world economy to grow.

"Measures of monetary and fiscal policies as well as monetary policy easing, whether in the US or it Europe, do not work anymore. They have really run out of stimulating measures of monetary and fiscal policies," he said.

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