Klepach: factual dynamics of GDP is lower than a potential one

TASS
Sochi, October 3, 2015

SOCHI, October 3. /TASS/. Factual dynamics of Russian GDP is a lot lower than a potential one and economic potential is diminishing. This is an opinion voiced by VEB Deputy Chairman Andrei Klepach in the course of the International Investment Forum in Sochi.

“Factual dynamics of GDP is lower than a potential one. As a result of what is happening now our potential GDP is dwindling, that is, conditions for a future economic growth are deteriorating”, he said.

Mr. Klepach believes that in order to change the situation for the better we need to loosen monetary policy. “A more difficult question is how to do it. It is one of dilemmas and not only of the Russian Central Bank but also of others. In my opinion, to soften the policy head-on by way of reducing interest rates sharply in all directions would be wrong”, he said.

Such a step won’t result in easing credits to enterprises and in bringing about economic recovery but in a strengthened currency exchange rate. “Then we can start raising a question of toughening a regime of currency operations, introducing currency control, so a long chain of problems will follow”, continued Klepach.

In his opinion, the Russian Central Bank should go along a path of using non-traditional instruments for supporting investments and small-sized enterprises. He added that they were being used but not in sufficient volume.

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