Dmitry Pyanov, First Deputy Chairman of VTB's Management Board, shared his views on the current state of the Russian economy in an interview with journalists. He emphasized that there are no signs of recession, and gross domestic product (GDP) will grow in 2025, albeit at a lower rate than in the past.
According to Pyanov, recession is defined as a drop in GDP for two consecutive quarters, but the Russian economy has not yet experienced such negative phenomena. This year, GDP will show positive growth, and a similar trend will continue next year.
Pyanov also pointed out the need for further monitoring of the situation with the key rate of the Bank of Russia. He suggested that the current level of the rate is in an intermediate phase, and additional economic arguments are needed for further lowering.
Central Bank spokesman Andrei Gangan also said earlier that the Russian economy is not at risk of recession, although its growth rate has slowed. The central bank's forecast assumes GDP growth at the level of 1-2% by the end of the year.
Earlier Dmitry Pyanov: it is becoming more difficult for small banks in Russia to compete.