RUSSIA AND THE WORLD: MACROECONOMIC PRIORITIES
Elvira Nabiullina, Governor, The Central Bank of the Russian Federation (Bank of Russia)
The world is used to living with a variety of crises, black and white swans. One gets the impression that discussions among economists are increasingly about what kind of crisis will be next and what anti-crisis policy should be, and less and less about a positive agenda, about models of economic growth.
Meanwhile, just as it is important to discuss the post-war world order in the context of war, it is now important to focus on the tasks and mechanisms of ensuring future economic growth — and above all its quality and sustainability.
• What are the key challenges (or obstacles) to economic growth over the next 2-3 years?
• How to reconcile the rate of economic growth and its quality.
• Over the past decade, the world's leading economies have seen deflation as a key risk and, literally overnight, the problem has reversed. Will global inflation be a long-term phenomenon?
• There is now much talk about inequality as an obstacle to economic growth. How can its role be evaluated?
• ESG is a trending word today. But trends pass, and macroeconomics remain. How will this issue affect the nature of macroeconomic regulation in the medium and long term?
• Is the problem of releasing labor resources topical for Russia or vice versa — is there a labor shortage? What is the role of migration and robotization in this regard?