Nabiullina urged to look for new models of economic growth of the Russian Federation

Some models of Russia's economic growth have exhausted themselves. At the moment, it is necessary to find a replacement for them. This was stated on June 19 by the head of the Central Bank of the Russian Federation, Elvira Nabiullina, at the session "Supply—side Economics - a Growth Strategy in the face of Modern Challenges" at the St. Petersburg International Economic Forum (SPIEF-2025).

"Now, when [Deputy head of the Presidential Administration of the Russian Federation] Maxim Stanislavovich [Oreshkin] spoke about the exhaustion of the previous model of economic growth, I also agree with him here. <...> We need to understand that many of these resources are indeed exhausted. We need to think about some new growth model," she said.

According to her, economic growth models change periodically, as this process is natural. At the same time, the factors that give rise to momentum are also changing.

In turn, Maxim Reshetnikov, Minister of Economic Development, believes that the economic growth model needs to be changed "without revolutions." He also called this process a change in long-term trends.

However, Russian Finance Minister Anton Siluanov expressed confidence that the current economic growth model is working. In his opinion, it is premature to talk about its changes.

The regions are doing well: the budgets of the constituent entities of the Russian Federation have managed without a deficit

Expert RA's data shows a gradual slowdown in the economy in most regions.

Russian President Vladimir Putin said on May 26 that the Russian economy is developing at a good pace, with growth of 4.3% over the past year. According to him, the positive dynamics is associated with key areas: industry, agriculture, digital technologies, services and finance. He also called the merit of business the fourth place of the Russian Federation in the world economic ranking in terms of purchasing power parity.