Economist: after the global pandemic, Russia will have a chance to modernize the economy
Analytics

Economist: after the global pandemic, Russia will have a chance to modernize the economy

23 December 2020, 15:13
The upcoming rise in world energy prices will allow our country to finally complete the technological modernization of its economy.

It is no longer a secret for anyone that immediately after the pandemic emerges, the world will be hit by another global cyclical economic crisis. The question of what to do in this situation in Russia is answered by the associate professor of the Department of State and Municipal Management of the PRUE. G.V. Plekhanov Maxim Sokolov.

Since the world markets are marked by repetitions of certain trends, the main thing for our country is to fit into the right one in time. So, in the last decade, the markets have been experiencing a growth cycle in the services sector, which is now changing to a new raw material cycle, when prices for energy, metals and foodstuffs begin to rise. The problem is that our country's oil and gas dependence does not fit into the global trend of transition to renewable energy sources. Thus, by 2030, according to experts' forecasts, wind energy will provide about one third of the world's total demand for electricity, and then it will be replaced by solar energy, whose share by 2050 will be more than two thirds of the world's energy!

That is why, according to the expert, Russia should continue the course, chosen back in 2008, towards an innovative economy and technological modernization. When choosing a specific direction, one should take into account the results of studies, which are known: today 83% of investors prefer climate issues, environmental impact, ethical and social issues, and almost one and a half hundred international banks with total assets of about 50 trillion dollars in issuing loans will take into account the impact of the business of the borrowing company on global warming. These circumstances should be taken into account by Russian companies wishing to gain strategic competitiveness.

At the same time, the expert is confident that since the new cycle will be marked by an impressive rise in prices for energy, products and metals, in the next five years Russia has excellent chances of receiving global investments and leadership among developing countries, which can really affect the rate of technological modernization of our country...

It is important to use the current slowdown in the global economy and the expectation of another global crisis to mobilize efforts of both the state and large resource business to prepare for the new realities, developing risk management programs today, which will be needed in the very near future in the competitive struggle.

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