VTB CEO Kostin commented on the likelihood of a recession in Russia
VTB CEO Andrey Kostin on June 19 at the Izvestia studios at the St. Petersburg International Economic Forum (SPIEF-2025) commented on the statement by the head of the Ministry of Economic Development of the Russian Federation Maxim Reshetnikov about the country's proximity to recession.
"You know, I wouldn't talk about the recession yet. We all understand that the current very tight monetary policy will lead to a slowdown in economic growth, of course. And we won't have, of course, either 4% or 3%. I think something could be a little more than 1% or around 2%," he said.
According to Kostin, a high key rate is good if applied over a short distance. At the same time, its long-term preservation, according to him, certainly leads to a smooth landing, which may later become more rigid.
The head of VTB also called for monitoring changes in inflation, the state of the economy and companies.
"We are doing this, and so far I would not call the critical condition of the companies, although many are going through difficult times, very high rates, very high debts in fact," he said.
At the same time, Kostin pointed to the clear and precise position of the Central Bank of Russia and expressed the opinion that the regulator should be given time. According to him, it is quite possible to maintain the policy and observe it until the end of the year. He noted that in case of lower inflation, the Central Bank has already given a signal, albeit a very modest one. The head of VTB clarified that 1% has little impact on practical work.
Earlier in the day, Reshetnikov told Izvestia that there are currently risks of hypothermia in the Russian economy. According to him, the current situation has become the subject of active discussions between the government's economic unit, the Central Bank and industry departments.
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