Head of the Bank of Russia Elvira Nabiullina described key structural shifts in the country's economy at the Central Bank Financial Congress. She named the growth of the service sector, or the so-called “impression economy”, as one of the main long-term trends.
According to her, people are increasingly willing to pay not for goods, but for unique experiences, services and emotions. Another important shift is the adaptation to sanctions, which has led to a reduction in the role of foreign trade and growth of the domestic market. Nabiullina also noted that the rising cost of labor has become a new long-term reality for the economy. In her opinion, adaptation to external restrictions has generally been completed, and the financial system has withstood this test. However, according to the Central Bank head, new, larger technological challenges and “turbulent times” are ahead for Russia
While new services for citizens are being launched on Gosuslugi, the Central Bank governor explained the long-term trends behind her own forecast of “turbulent times” for the economy.