The Central Bank Assessed the Likelihood of a Global Financial Crisis
OREANDA-NEWS. The onset of a global economic crisis is unlikely, said the head of the Central Bank Elvira Nabiullina in an interview with RBC.
She recalled that debts are accumulating in many countries, which is facilitated by "soft" monetary policy. Probably, the global economic recession will occur closer to 2023, but this scenario is conditional, said the head of the Central Bank.
"Our models, it seems to us, allow us to show how monetary policy will behave if different types of risks are realized, and to give some predictability to market participants. Therefore, this should in no way be considered as some kind of crisis prediction," explained Nabiullina.
The head of the Central Bank stressed that there may be several scenarios for the development of the situation, this is influenced by various factors. According to her, the low level of the economy during the coronavirus pandemic is not associated with the general crisis.
The head of the Bank of Russia Elvira Nabiullina believes that after high rates of recovery growth this year, the Russian economy will move to a smoother development.
"Now we are returning to the pre-pandemic trend, that is, the economy is approaching the point where it would have been if there had been no pandemic at all. The high rates of recovery this year will give way to a smoother economic development," she said at the international banking forum. Banks of Russia - XXI century ".
Now the Bank of Russia predicts the growth rate of Russia's GDP at the end of 2021 at the level of 4-4.5%, however, as Nabiullina said last week, this forecast may be increased in October.