VEB.RF fires chief economist after he predicts Russia will lose economic war
Russian state corporation VEB.RF fired longtime chief economist Andrey Klepach on Aug. 16 after remarks in which he predicted that Russia could not outlast the West in a prolonged economic conflict and would face a social crisis, two people who know him told The Bell.
Russian state corporation VEB.RF terminated the employment of chief economist Andrey Klepach on August 16, 2023, following his public predictions in May. Klepach, who had served in the position for twelve years, had forecasted that Russia would be unable to sustain a prolonged economic conflict against the West and would subsequently experience a societal crisis.
The corporation's decision to dismiss him came in the wake of extensive coverage in Russian media of a Moscow Times report quoting a speech Klepach delivered at a Nikitsky Club event organized by the Moscow Exchange. In that speech, Klepach made explicit predictions about Russia's inability to endure a long-term confrontation with the West and the ensuing social turmoil.
VEB.RF Chairman Igor Shuvalov cited receipt of a "call from above" as the reason for Klepach's dismissal, while another source confirmed the decision was directly linked to Klepach's May remarks. Throughout his career, Klepach had held significant roles, including becoming director of the Russian Economic Development Ministry's macroeconomic forecasting department in 2004 and serving as a deputy economic development minister from 2008 to 2014.
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