There is no recession in the Russian economy - Nabiullina

12:02; 18 September 2025 year

The head of the Central Bank, Elvira Nabiullina, urged not to confuse the recession with a slowdown in the economy. According to her, there is no recession in Russia. She stated this during the Moscow Financial Forum.

First of all, do not confuse the recession, which, I agree, is associated with very negative phenomena, with a slowdown in the economy. Yes, the economy is slowing down, but there is no recession. And even when they talk about a technical recession, they mean that the economy has been declining for two consecutive quarters. This is not observed in our country either," the head of the regulator emphasized.

She explained that the recession is accompanied by a drop in real incomes and high unemployment. At the same time, if the recession is caused by hypothermia in demand, then this is accompanied by low inflation.

- Yes, our inflation has decreased, but it still remains above the target. Therefore, in my opinion, we do not have any signs that relate to the concept of an economic recession," Nabiullina concluded.

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