Russian economic growth slows

RUSSIA / FSU POLITICS - In Brief 07 Aug 2021 by Alex Teddy
The Chairman of the Accounts Chamber said on August 5 that the economy will not grow more than 2%. He noted that the economy is still too heavily dependent on hydrocarbon exports. Diversification is too slow. The Chairman of the Accounts Chamber wants an investment economy and said that with that growth of 5% per annum is possible. Many companies are still managed on a Soviet model.The Chairman said that the remote areas of the country need to be developed. Too much public money is spent in the major cities.The remote regions need at least USD 4.1 billion. The National Wealth Fund could be used for this.Putin has a plan to pay more to families with minor children. 12% of Russians are below the official poverty line.The Accounts Chamber is sceptical of using price controls and export controls. This anti-inflationary policy has been used with some foods. The Central Bank of Russia (CBR) believes this policy will soon be phased out.CBR says that growth will be 4% to 4.5% in 2021. The World Bank and IMF both make lower forecasts. Calvey protested his innocence. He noted how many companies in Russia would not be where they are today without him. He claimed that the court disregarded a mass of exculpatory evidence.

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