Financial system of the 21st century competitive economy: challenges and solutions plenary session engaged all the participants of the Moscow Financial Forum – 2017. Issues of negative demographic trends and slowdown of productive growth, freezing of the globalization processes and growing isolationism, inequality in welfare and income distribution among population, ill-preparedness of state and public systems for rapid technological breakthrough were raised during the discussion.
Minister of Finance Anton Siluanov stressed that Russia has improved numbers of economy growth over the last year, "Now we can say that Russian economy is recovering." Head of Finance Ministry noted that the main task now is stimulation of inner economic reforms. At the same time, macroeconomic problems should be left to the second place, this can be achieved through structural changes.
IMF's First Deputy Managing Director David Lipton said, "Russia will need growth ahead of European market by 1,5%. "It is crucial to reduce dependence from extractive industries in order to achieve that figures." According to him, there is no detailed strategy yet, but there is a number of important groundworks. "It’s essential that private sector has growth, it demands technological changes," he noticed.
World Bank Vice President Europe and Central Asia region Cyril Muller defined essential measures needed to consider ageing of population problem. "Ageing of population – is the most serious problem of Russia. Main tasks are provision of jobs for young people and increasing of economic activity of women," he said.
Mayor of Moscow Sergey Sobyanin noted that development of agglomerations plays the main role for growth, which means effective use of territories and the integrated development of social and transport infrastructure. The mayor also noted that 30% of investments from the budget should be directed to the development of agglomerations, this will allow setting out development for decades. This can be proved by the example of the capital, "Moscow competes not with regions of Russia, but with leading cities of the world."