The director of Russian state bank Sberbank, Herman Gref, warned that Russia's economy is in a state of "hypothermia." The statement was made in a context of economic slowdown in the country.
According to Gref, the growth of Russian GDP during the first half of the year was estimated at 0.6%. This index is considered significantly below the potential growth of the Russian economy.
The potential economic growth indicator was estimated by the Russian Central Bank in a range between 1.5% and 2.5%. This means the economy would be functioning far below its ideal capacity.
The comparison between the actual growth of 0.6% and the potential of 1.5% to 2.5% highlights the gap between current economic performance and what the Russian economy could achieve under normal conditions.
