The time of hydrocarbon raw materials is running out for Russia; it is necessary to prepare to switch to new technologies. This was stated by Russian Finance Minister Anton Siluanov at the international forum of the Financial University “Russia: Image of the Future.”
“For Russia, we also need to understand that the time of hydrocarbons is gradually beginning to shorten. We see that more and more technologies that will not require this type of resource. It is clear that this will remain for some time, but we need to look at the medium-long term. And we need to prepare to switch to new technologies, to new engines, as they say, of our economy, for new types of processing of the same hydrocarbons. We need to prepare our economy for these changes. This is what we are doing,” Siluanov said, as quoted by Russian media.
The Minister noted that the development of artificial intelligence has become an obvious trend in the world economy.
“It is clear that artificial intelligence is coming to the forefront. It is clear that in the economy there is now also a struggle for who will achieve the greatest participation of artificial intelligence. the development of this intelligence for all spheres of life, starting from the economy, medicine, the military component. Artificial intelligence will be introduced and incorporated everywhere. And the one who reaches the leading positions here will be more successful,” he indicated.
Siluanov also said that the Bank of Russia now has more maneuver to soften monetary policy.
“Now the main task is to align demand and supply. Therefore, the Central Bank has enough this year. is actively taking measures to cool the economy. This is really necessary in order to start growing next year, but only on the basis of balanced growth. The Central Bank now has more maneuvers to make decisions on easing monetary policy. Such decisions will be made – borrowed credit resources will be cheaper,” he said.
In addition, the Russian minister drew attention to the rapid growth rates of the BRICS countries.
“Countries with developing economies, primarily countries.” BRICS are growing at a rapid pace, crowding out countries with developed economies. We are now seeing these shifts, a confident accelerated development of the so-called countries with developing economies. We see the struggle and reluctance of countries with developed economies to give up the clearing to them,” Siluanov said.