ST. PETERSBURG, June 15. /TASS/. The current model of the global economy has depleted its resources, First Deputy Prime Minister Andrey Belousov told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday, adding that it will undergo fundamental change within the next 20-30 years.

"The world is now facing a situation where the resources of this model have been used up, and like it or not, it will start to undergo a rapid transformation. That said, there is an entire range of additional factors, such as the situation with the climate, food, medicine and so on. The question arises as to who can survive in this situation, as the issue is indeed one of survival. Moreover, survival on the boundary of life conditions for a single generation; the [next] 20-30 years will bring fundamental changes," he said.

Those countries that enjoy the potential for action and a subjective view of things will keep their spot on the world map, Belousov said, adding that "the development of such subjectivity is becoming the key issue, the main issue." "We have certain problems with subjectivity," he noted.

"We can fall into an identity trap. We used to say that we are a part of the West. We’ve now understood that we are not a part of the West. But we are defining [ourselves] again with reference to the West and we [have fallen into] this trap: I’m looking in the mirror at this West and then start to do the opposite - if it goes to the right, I [go] to the left; if it jumps, I do knee bends," the official said.

Russia should determine its self-identify in accordance with its own frame of reference, he noted. "We want to build a space for discussion now. We want to throw various related concepts into it so that a greater number of people could start creating their own constructions in this space, answering questions as to where we should go and how we should ensure our identity, and all the rest," Belousov concluded.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is theme of this year’s forum. TASS is the official information partner of the event.

SPIEF’s expanded business program offers attendees the opportunity to participate in more than 140 sessions featuring over 1,000 moderators and speakers, according to event organizer Roscongress Foundation. In line with tradition, Russian President Vladimir Putin will address the plenary session of SPIEF on Friday.