While national growth metrics defy expectations, Gref highlighted a trend that has persisted for four consecutive quarters: a steady contraction in investment. He characterized this decline as a worrying indicator for the long-term health of the economy despite the current performance.
German Gref calls Russia's economic growth a miracle
Economic resilience in the face of current pressures is nothing short of a miracle, according to German Gref, the chief executive of Sberbank. Speaking from St. Petersburg, Russia's top banking official pointed to a striking paradox between sustained national output and a persistent, underlying decline in domestic investment.
Looking toward fiscal projections, the Sberbank leader anticipates the rouble will stabilize in a range of 84–85 against the dollar by the end of the year. Furthermore, he suggested that global oil prices are likely to maintain their current strength well into 2026, providing a specific buffer for the country's revenue streams.
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