Gref sees no sources of economic growth in Russia

Gref sees no sources of economic growth in Russia

The next two years will be difficult for the Russian economy, Sberbank CEO German Gref said.


"The years 2015-2016 won’t be easy for the economy on the whole and for the banking sector in particular," TASS cited him as saying. 

According to him, "we are falling into a long-term negative trend". "I have no optimistic forecast as of yet, although a sharp slump that we expected has not taken place," Sberbank CEO noted.

He also admitted that he could see no sources of growth at the moment which would make it possible to "get out of this trend", adding that the only way out is "launching major reforms of all relations in the economic sector."

Sberbank CEO said that the management models employed at the moment that did not exist at all 50 years ago, and the "theory of management began taking shape only in the middle of the 20th century, and has been developing since then at an ever growing pace."

However, management systems have "remained archaic in many aspects" in Russia, he said. "Countries are involved in a very powerful global competition, which did not exist earlier, and the winners are those who invested in soft skills, in the development of strategic institutions, in all that is connected with human capital, in the establishment of an investment climate. There are also hard skills, connected with the quality of functioning of institutions, and there is also a social paradigm, ideology, on which everything rests," Gref said, adding that this is a key trend that Russia should seek to "fit into."

 

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