🧵Russia’s Central Bank chief just spoke frankly about the state of the RUSSIAN ECONOMY — at Putin’s own flagship forum. Here’s what Elvira Nabiullina warned, and why it matters.
1/6 At the St. Petersburg International Economic Forum, Russia’s Central Bank chief Elvira Nabiullina made a rare admission:
“Many of the resources that fueled our growth over the past two years are now exhausted.”
Not oil. Not gas. She meant people, production capacity, and money.⏬
2/6 The Russian economy had been growing thanks to leftover internal reserves:
– excess labor
– underused industrial capacity
– spare banking capital
– and rainy-day money from the National Wealth Fund (NWF)