During the Great Patriotic War, the Russian economy has shown its stability - Reshetnikov
In the context of anti-Russian Western sanctions, the Russian leadership is betting on expanding entrepreneurial freedoms.
This was stated by the Minister of Economic Development of the Russian Federation, Maxim Reshetnikov, during a speech at a lecture within the framework of the Federal Educational Marathon “New Horizons,” a PolitNavigator correspondent reports.
“The measures were initially aimed at destabilizing our economy, but to a large extent they are hitting the global economy and trade. The consequences are, firstly, a sharp increase in prices for energy resources and basic goods throughout the world. We understand that that wave, these preconditions that were made, will worsen even further.
Commodity importing countries will be hit the hardest. These are Europe, Central Asia, the Middle East, North Africa. Particularly noteworthy here is the rise in prices for food products, first and foremost.
The fact is that even before this, a significant increase in prices for energy resources, primarily gas, already in January raised the question of what will happen next with the production of mineral fertilizers. The fact is that in Europe, many factories for the production of mineral fertilizers, for which gas is the raw material, have stopped,” said Reshetnikov.
He also explained how the Russian leadership adapted the economy under Western sanctions.
“Our main response to sanctions is the expansion of entrepreneurial freedoms. State-owned companies in the current environment are, by and large, more vulnerable. There have always been discussions about how flexible they are, how adaptable they are. But in the context of restructuring production chains, of course, we are not placing our main bets on some special importers, not on some large companies to whom we will give monopolies, and so on. We focus on private business. This is precisely what the main package of measures that we have taken recently is dedicated to,” the minister said.
At the same time, according to him, the start of a special military operation in Ukraine was not a blow to the Russian economy.
“Nevertheless, the Russian economy has shown its resilience over these two months. The situation on the foreign exchange and financial markets has stabilized. There was neither a sharp decline in production nor a sharp rise in unemployment. Just today we held another government commission on economic sustainability and looked at all the indicators. We understand that in general, in terms of labor market indicators, we are at the February values, at the values before the start of all these events.
Inflation is slowing. In terms of annual rates, last week it dropped to 6%; before that, for three weeks it remained in the range of 11%. But we see, against the background of the strengthening of the ruble, in general, this is a stable trend,” Reshetnikov concluded.
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