MOSCOW, January 16 (Itar-Tass) — The next economic crisis may strike in 40-50 years from now, according to Russian economist Vladimir Mau, the rector of the Russian Presidential Academy of National Economy and Public Administration.
"Crisis is a phenomenon of economic growth. Innovative development is always accompanied by crises,” Mau said at a plenary discussion of the 2013 Gaidar Forum on Wednesday.
“Replies to the challenges of this crisis should not be bureaucratic. We understand quite well that in conditions of global integration it’s international rather than national regulation that is the thorniest challenge of modern times that faces countries, including the G-20 states,” Mau went on to say.
“Our task is to understand and overcome today’s crisis and lay down the foundation for the next one which’s going to occur in 40-50 years,” the rector of the Russian Presidential Academy of National Economy and Public Administration said.