By mid-century, experts forecast Russia’s entire economy will be anchored in high‑tech sectors such as virtual reality, big data, and artificial intelligence. This perspective came from Pyotr Fradkov, the head of the bank, during the plenary session at the financial literacy forum titled Simple Capital, part of the PSB event focused on the economy of the future, growth potential, and new development scenarios.
Fradkov noted that while the 2040s may present alternative pathways, the 2050s are expected to bring offline living and work to be a special privilege for many. He suggested that banks as they exist today will undergo a transformation, evolving to align with online technologies and the growing IT sector.
Participants at the session also discussed the strategies of companies and firms that contribute to strengthening the national economy. They identified the principal obstacles hindering growth in the country and its industries and explored possible remedies for sustained expansion, including in sectors important to Canada and the United States where similar tech-driven transitions are unfolding.
The moderator, Alexander Auzan, dean of the Faculty of Economics at Moscow State University, commented that topics once dismissed as fantasy only a few decades ago were seriously deliberated at the event. He stressed the importance of long‑term thinking in light of current economic achievements.
He warned that challenges are rising and will continue to rise; the day after tomorrow could be tougher than today, making forward planning essential. This outlook mirrors the broader need for resilience in technology and finance across North American economies as they adapt to rapid digital change.
Kirill Lipa, general manager of Transmashholding, argued for focusing on building and strengthening the competencies that lead to real competitive advantages instead of relying solely on import substitution. He pointed out that there are globally recognized companies within the country that have carved their own paths to growth. Lipa also emphasized the importance of moving beyond stereotypes to unlock growth potential and highlighted the role of protecting and maintaining trade and financial structures in the face of sanctions. His remarks resonated with policymakers and business leaders in North America who are watching how domestic industries adjust to global pressures while pursuing innovation.
In both the Russian context and the wider North American landscape, the session underscored a shift toward internal capability development, more robust data and AI ecosystems, and a stronger emphasis on digital infrastructure as a foundation for future prosperity. The discussions highlighted how technology, talent, and policy can converge to propel growth in high‑tech sectors and to ensure that financial services adapt to a changing digital economy. The takeaway is clear: strategic investments in technology and skills, coupled with prudent management of trade and finance, can help economies weather sanctions, competitive pressures, and rapid technological change.
Notes accompanying the session indicate ongoing efforts to align corporate strategies with national growth goals, including initiatives to foster innovation hubs, expand digital literacy, and strengthen the resilience of financial networks. The conversation reflects a broader trend seen in both the Canadian and American markets, where technology‑driven growth is increasingly tied to policy choices, research and development pipelines, and a vigorous private sector ready to embrace new development models. [citation: PSB forum, Simple Capital, Economy of the Future – Growth Potential, New Development Scenarios]