ST. PETERSBURG, June 19. /TASS/. Many resources, which allowed the Russian economy to grow at fairly high rates over the past two years, have been exhausted, Central Bank Governor Elvira Nabiullina said at the St. Petersburg International Economic Forum (SPIEF), adding that a new economic growth model should be found.
"We grew at fairly high rates for two years as free resources were employed. <…> We should understand that many of those resources have really been exhausted, we should think of a certain new growth model," she said.
Economic Development Minister Maxim Reshetnikov noted that the economic growth model should be changed "without revolutions." "When we speak about change of [economic] model we most likely speak about change of long-term trends. From this viewpoint, it is necessary to deal with issues related to growth potential," he said.
Meanwhile, Finance Minister Anton Siluanov called the present model working. "We live in such a complicated world, Russia’s growth exceeds 4%, we are surrounded by sanctions whereas you are talking about a model change. We should focus on technological sovereignty. The model works," he said.
The St. Petersburg International Economic Forum (SPIEF) is taking place on June 18-21. This year, the event is held under the theme "Shared Values: The Foundation of Growth in a Multipolar World." The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, the Drug Security Forum, and the Roscongress Urban Hub discussion platform. The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its information partner.