CBR sees no risk of economic decline in Russia, economy demonstrating good growth overall - department head

MOSCOW. Dec 4 (Interfax) - The Central Bank of Russia does not see any risks of economic decline in Russia, as the economy is demonstrating a good rate of growth overall, though the situation differs from one industry to the next, CBR Monetary Policy Department Director Andrei Gangan said.

"Lots of people say to us, 'Listen, with your policy, with this cooling in demand, et cetera, you are going to chase the economy into a recession and make everything collapse.' It is true that we may see a different picture from one industry to the next, but the economy is demonstrating a good rate of growth overall. True, it is not as high as it has been in previous years, but this year, and especially in subsequent years, we are not expecting to see any negative growth rates which people associate with the word 'recession'," Gangan said during a communication session on monetary policy in Perm.

He said that there were ongoing discussions on the term "recession", its true meaning and correct interpretation.

"Even if we are just talking about a decline in output, we are not seeing that in our forecasts," Gangan said. There is also no evidence of this trend in real economic data for the first three quarters of 2025 or in the results of a CBR business survey.

"Yes, the situation in terms of growth is more modest than in the last two or three years, but that is fine. Before that, we were racing forward for all we were worth, but now, it makes sense to catch our breath and run at a more moderate pace, in order that, in the long term, we actually reach the place where we need to be, and we get there faster," Gangan said.

He said once again that the CBR's forecast predicted a smooth slowing in economic growth followed by a steady, measured increase.

In October, the CBR lowered its GDP growth forecast for Russia to 0.5%-1% from the 1%-2% it predicted in July, and kept its 2026 forecast at 0.5%-1.5%.