WoE: Russia’s multi-billion dollar spending programme with Andrey Klepach, chief economists of Vnesheconombank

bne IntelliNews

Russia’s economy is emerging from a nasty crisis in 2014-2016, but everyone agrees that growth is capped at 2% at best and incomes have been stagnant for six years already. Russia needs a new economic model and the Kremlin has launched a RUB27 trillion spending programme to transform the country. But spending that amount of money, and spending it effectively, is not going to be easy. The Central Bank of Russia (CBR) for one is worried about soaring inflation and a consumer credit bubble for one. bne IntelliNews editor-in-chief Ben Aris sat down with Andrea Klepach, the chief economist at Vnesheconombank that is going to oversee at least two thirds of the spending to discuss the issues. Ben Aris, editor-in-chief, bne IntelliNews Andrey Klepach, chief economists of Vnesheconombank