The Accounts Chamber has identified factors that slow down the development of the Russian economy
The Russian economic market is oversaturated with risks, and the speed of its development is incomparable with the level of the country’s economy and its need for resources, first of all investments. This conclusion was made by analysts of the Accounts Chamber, having studied the leading areas of the economy in 2016-2018 and 2019-2021.
Despite the successful implementation of the plan of the previous three years, the targets were not achieved in 8 out of 13 cases, out of seven indicators of market sector growth. Only one was achieved.
The Accounts Chamber drew attention to the indicators of Russia’s competitiveness: the country raised from 45 to 43 place in the world. But in the development of the market, Russia didn’t improve its positions, remaining at the 95th place.
The organization cited data from the Central Bank, from which it follows that the volume of leading sectors relative to GDP decreased to 110% (in 2016) from 141% (in 2007). During this period, the number of financial market institutions has reduced, which is why competitiveness has significantly diminished, but it makes it difficult for new players to enter the market.
A significant share of problems is concentrated in the banking sector. Slow growth in the sector affected the overall market performance. Over the past years, the volume of own funds and assets increased slightly, while the amount, on the contrary, decreased by half.
The report of the Chamber says that the results of the banking sector indicate problems in its development. And the low growth in lending to the economy indicates that there are significant reserves to finance the tasks of increasing growth.
The Central Bank agreed with the statement of the Accounts Chamber. Sergey Shvetsov, First Deputy Chairman of the regulator, said that the findings of the study show very accurately the problems in the development of financial markets.