Photo: Dmitry Astakhov / RIA Novosti
The growth rate of consumer credit creates the risk of recession in the Russian economy in the coming years, the head of the Ministry Maxim Oreshkin. The recession, he predicts that could happen as early as 2021, writes owned by Grigory Berezkin the RBC.
According to Oreshkin, consumer credit leader in the structure of credit offers in Russia. Over the past 12 months the growth amounted to 1.8 trillion rubles. “Two percent of GDP unsecured consumer loans, is a growth of 30 percent per year. There’s clearly social and economic consequences,” he said. Oreshkin added that the pace of consumer credit growth exceeds the rate of income growth.
With the words of the Minister about a possible recession because of the growth of consumer lending argued the head of the Central Bank Elvira Nabiullina. She noted that the rate of growth of consumer crediting in Russia is high, but not higher than the mortgage. In this regard, we should not talk about the risk to financial stability or the risk of a bubble.
“People take the credits not from good life. They take out loans to maintain the standard of living in terms not of a very high rate of revenue growth”, — said the head of the Central Bank. According to her, you need to think about how to increase the rate of growth of incomes of Russians and solve the problem of employment.
Earlier, the Bank of Russia reported that in the first quarter of 2019, the reduction in real incomes of Russians continued the decline was 2.3 percent. The regulator said that the debt load of the population is growing rapidly, and the lack of revenue growth may negatively affect quality of consumer loans, in particular, lead to higher defaults.
Video, photo All from Russia.