VLADIVOSTOK, June 24 (Xinhua) -- Russia is not in a recession but is undergoing a steady economic slowdown after a period of overheating, a senior Bank of Russia official said Tuesday.
Andrey Gangan, director of the Monetary Policy Department at the Bank of Russia, made the remarks during a meeting with business representatives in the city of Novosibirsk and its surrounding region.
"We are clearly not seeing a recession now, we are seeing a gradual slowdown in growth rates," Gangan was quoted by RIA Novosti as saying. "We understand that we are at a turning point in terms of cooling economic activity and a shift in inflationary trends," he added.
Gangan noted that despite growing public discourse and some expert opinions labelling the current situation as a recession, such assessments are premature.
"Yes, the economic situation is currently highly uneven. There are sectors where output is declining, such as ferrous metallurgy, the oil and gas industry, and certain areas of civil engineering -- sectors that had previously seen very high growth in recent years," he said. "What we are seeing is a correction from high growth."
Meanwhile, he emphasized that many industries are still growing, such as pharmaceuticals, manufacturing equipment and several sectors of the chemical industry. ■
