Russian Finance Minister sees risks of global economic stagflation

Russian Finance Minister sees risks of global economic stagflation

Risks of the stagflation scenario for the global economy are seen, Russian Minister Anton Siluanov said, cited by the Finance Ministry in the press release in conclusion of the G20 Finance Ministers and Central Bank Governors meeting.

"Risks of stagflation scenario evolution in the global economy are seen," the Minister said. "Inflation is above the target in as much as 14 countries of the Group of Twenty and the inflation pressure scale is unprecedented in many developed economies," he noted.

"This has become the consequence of applying incentives disproportionate to economic recovery capabilities. The key issue for the economic policy is whether the observed inflation spike is a transitional or a long-term phenomenon," the Minister said.

"It is important now to prevent widening of the stagflation spiral," Siluanov added.

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