MOSCOW, February 28. /TASS/. Artificial intelligence will be the main driver of economic growth soon, and the development of a more decentralized finance system will help significantly cut costs for the global economy and increase its growth further, Russian Finance Minister Anton Siluanov said.
"Artificial intelligence will be the main driver of growth soon, and the development of decentralized finance will help significantly reduce costs for the global economy and increase growth," Siluanov told a meeting of G20 finance ministers and central bank governors in Cape Town, as quoted by the Finance Ministry.
According to the minister, the global economy is in flux, as countries seek to protect their national interests above all else. Siluanov emphasized that there should be some synergy in the global economy to help nations manage challenges.
Siluanov also said that AI could make tax collection more efficient, and cancel out any need to raise taxes.
"Simplifying the rules of administration for taxpayers is necessary to do this. Digitalization and artificial intelligence can significantly increase tax revenues and reduce administrative costs," he said.
The next meeting of the heads of the G20 financial departments will be held in April 2025 on the sidelines of the spring session of the governing bodies of the IMF and the World Bank.