Economics
Bank of Russia Puts GDP Cost on Muddling Through Without Reforms
- Russian growth can't top 2% without overhaul, Nabiullina says
- Central bank has kept rates on hold since July amid recession
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Russia must go beyond oil to cure what ails its economy, according to central bank Governor Elvira Nabiullina.
Her prescription for reviving Russia’s fortunes after the longest recession in two decades includes a “responsible” macroeconomic policy, “structural reforms” and development of capital markets. Not even oil at $100 a barrel would lift medium-term gains in gross domestic product beyond a range of 1.5 percent to 2 percent, Nabiullina said at a conference in Moscow on Tuesday.