Translation. Region: Russian Federal
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Deputy Prime Minister Alexander Novak took part in Sber’s business breakfast on the topic of “Rates against growth: what will the coming year be like?” as part of the St. Petersburg International Economic Forum.
Alexander Novak spoke about the state’s participation in the development of entrepreneurship, including through national projects and the creation of infrastructure in the form of “My Business” centers. He outlined the tasks for the near future, taking into account the downward trend in inflation in Russia, the implementation of which can move the economy from the stage of controlled cooling to growth. This is a reduction in the key rate of the Central Bank and an increase in labor productivity.
To increase labor productivity, businesses need to improve efficiency, including switching to lean manufacturing and implementing modern digital technologies.
“The state is ready to lend a shoulder, but we must change our consciousness. And everyone who is engaged in business – from small and medium to large businesses – must accept the growth of labor productivity as a national idea. To do this, we need to introduce modern equipment: machine tools, robotic technologies, artificial intelligence,” the Deputy Prime Minister emphasized.
Regarding the key rate, Alexander Novak noted that indicators show the need to reduce it and move from a controlled cooling of the economy to the stage of its heating.
“We must not miss the moment when this needs to be done. In the last 7 weeks, annual inflation has been at 2.6%, which is below the Central Bank’s target. The real rate is now higher than in many countries around the world and than it was at the beginning of the year. In my opinion, we need to make a decision faster that will help not freeze the economy, but give it the opportunity to move forward. This will help achieve the goals of economic sustainability and give impetus to a technological breakthrough,” said Alexander Novak.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.