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Elvira Nabiullina, Chairman of the Bank of Russia, considers the situation on the labor market, the motivation of private investors and the ESG transition to be the main challenges facing the Russian economy. She stated this today during the Gaidar Forum, Lenta.ru reports.
“We have two challenges: the labor market, and we see a shortage of labor, and motivation for private investors,” the head of the Central Bank said.
According to her, there is an opinion in the professional community and the business environment that private investment is not enough. “But I would like to answer this, that it’s not about the stakes, but about the desire to take responsibility and shareholder lawsuit,” Nabiullina is convinced.
She called the third challenge the ESG transition (ESG – environmental (ecology), social (social aspects), governance (management)), characteristic of the economies of many countries: “We must prepare for it. It shows that the risks for investment in the world are growing.”
For his part, Russian Finance Minister Anton Siluanov called the labor shortage, geopolitics and ESG the main risks for the growth of the Russian economy in 2022.
“If we are talking about risks, then this, of course, is the risk of a shortage of labor,” RIA Novosti quotes the minister.
“But maybe this will just spur labor productivity growth,” Siluanov admits.
According to him, the situation on the labor market is now similar to that which was recently observed in the electric power industry: when the cost of resources was low, there were no incentives for companies to introduce new technologies and engage in energy efficiency.
“There are ESG risks. We have a big risk – geopolitics too. And trade protectionism,” added the head of the Ministry of Finance. Moreover, according to him, the latter is a risk not only for the Russian, but also for the world economy as a whole.
Siluanov recalled that a few years ago a ban on exports or restrictions on the supply of any goods would have looked outlandish, but now such decisions are being discussed and introduced. “This is a risk that we see in the global economy, which will be hindered by growth,” Siluanov said.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
