Andrei Klepach, one of the most well-known Russian macroeconomists, was dismissed from his position as chief economist of Vnesheconombank (VEB), following public statements in which he warned that Russia is losing the technological and economic competition against the West, China, and even Ukraine. The state bank confirmed his departure, without providing a reason.
Klepach made the statements in May, at a financial forum, but his speech only reached the Russian press last week. According to Reuters, two sources close to the situation confirmed that the economist was subsequently removed from his position at VEB.
“We are falling behind. We are losing both the technological and economic competition on a global scale. And we are not just losing to China and the United States, but in a way, we are also losing to Ukraine”, said Klepach.
He linked this situation to the financial support that Ukraine receives from Western countries.
The economist also warned about the costs of war for Russia and dismissed the idea that the Ukrainian economy would collapse under the pressure of the conflict.
“We will not win the race in this war of attrition. We have the illusion that everything there will collapse. It has not collapsed and it will not collapse. Our costs are rising,” he said, according to Reuters.
Klepach has even anticipated the possibility of a social crisis.
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