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The Russian economy has faced a wide range of problems that, together, formed a "perfect storm," said Russian Sberbank CEO German Gref.

According to him, this primarily concerns high key rates in real terms, which are forcing businesses to postpone investments.

"This unfortunately poses a clear threat to economic growth not only this year but, more importantly, over the next two to three years," Gref said during the SPIEF forum in St. Petersburg.

He also noted that the ruble's exchange rate against the dollar is "far from equilibrium," which is strongly felt by all export industries and the budget, which faces an increased deficit.

Gref recalled that the productivity of Russia's economy lags behind that of developed countries "by a margin of at least 40%, at most four times" in various industries, calling on to "tap into the reserves that each of us obviously has."
https://x.com/Gerashchenko_en/status/1936284650525069658

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