Digitalization Change Structure of Russian Economy

Russia is able to reach average global economic growth rates of around 2.9%, Chief Executive Officer of the World Bank Kristalina Georgieva said in an interview with Tass. “The World Bank projects a 2.9% global economic growth rate through 2020. I assume this is an attainable goal for Russia,” she said. According to Georgieva, it is necessary to enhance the efficiency of capital and labor in order to achieve high growth rates. “Specifically for Russia it means a serious approach to investing in people, in human capital, particularly in the quality of education and labor,” she explained. Digitalization can totally change the structure of the Russian economy, which is already happening, Georgieva added. Asked how seriously digitalization can change the structure of the Russian economy, she said: “It can turn it around, and it is already turning it around to be precise.” Russia’s new government after its March presidential election should invest more in education and healthcare to help spur economic growth, Georgieva said recently.