The Central Bank is “overheated” in its head and has an inadequate assessment of the Russian Federation’s resources – Glazyev
The Russian economy has a reserve to ensure GDP growth of 8% per year.
This was stated by Sergey Glazyev, Minister for Integration and Macroeconomics of the Eurasian Economic Commission, in an interview with the One Moscow YouTube channel, as reported by a PolitNavigator correspondent.
“When the Central Bank says that our economy is overheated, it is overheating in their heads, but there is no overheating in the economy. Although over the past 2 years the manufacturing industry has slightly increased capacity utilization, it is still at the level of 75%, but was 60%,” Glazyev said.
According to him, the last two years have seen an increase in orders, and new capacities have been deployed.
“There is a constant dispute with Central Bank experts who claim that we have exhausted our production resources. How exhausted we are when we see an increase in manufacturing output - 7% last year. This year there will be no less. And if we take individual special-purpose production facilities, then the growth rates there reached multiple values at the same capacities, without investment, with the same labor resources. Reserves have been revealed,” concluded Glazyev.
The Central Bank is overheated and has an inadequate assessment of Russia's resources, says Glazyev.