Russian policymakers spar over growth

RUSSIA / FSU POLITICS - In Brief 22 Nov 2019 by Alex Teddy
On November 20 VTB held its annual Russian Calling Investment Forum. Top Russian ministers rowed over who is culpable for the country's anaemic economic growth. The Minister for Economic Development Maxim Oreshkin said that low demand explained feeble growth and that the central bank has miscalculated. Demand is a trillion RUB lower than anticipated. It means lower incomes, lower profits and less state revenue.The head of the Audit Chamber Alexei Kudrin disagreed. He said the government and not the central bank is responsible. The budget will underspend by a trillian RUB due to sclerotic processes. Finance Minister Anton Siluanov claimed that the government spends prudently. The unspent trillion RUB is due to surplus from the previous year.The president spoke up for the central bank saying it was right to be circumspect in view of the unpredictable global situation. He described the central bank governor as excellent. The president said it would be rash to spend money without good reason. He stated that the government would spend some of the National Welfare Fund in 2020.

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