Russian economist Klepach dismissed after critical remarks about the country's economy
Andrei Klepach, chief economist of Russian state corporation VEB.RF, has been dismissed, reportedly linked to a May speech in which he openly discussed Russia's economic decline. He confirmed his dismissal but did not disclose the reason.
Andrei Klepach, the longtime chief economist of Russia's state development corporation VEB.RF, has been removed from his post. According to The Moscow Times, which cited sources, VEB.RF chairman Igor Shuvalov made the decision following instructions "from above."
Klepach later confirmed his dismissal to Forbes but declined to specify the reasons behind it.
A critical speech
Media reports link the decision to remarks Klepach made at an economic forum on May 21, which recently drew wider public attention. At the time, he openly stated that Russia is losing ground in both technological and economic competition globally — not only to China and the United States, but in some respects to Ukraine as well.
He noted that while Ukraine's economy has been damaged by the war and the country faces a demographic crisis, it continues to function, largely thanks to substantial financial support from the West. According to Klepach, Russia cannot win this prolonged war of attrition, and the associated costs for the country keep rising.
Forecasts for Russia's future
In his speech, Klepach also pointed to other problems, including a deteriorating healthcare system, uneven development in science and technology, and growing social inequality. He argued that while Russia will not collapse economically, the country is likely heading toward a social crisis, and its lag behind the global economy will keep widening.
The economist forecast that Russia's GDP growth in 2027 will not exceed 1–1.5%, trailing the global economic average.
Andrei Klepach spent 12 years as chief economist at VEB.RF, having previously worked for a decade at Russia's Ministry of Economic Development.
