The global economy is exhausting traditional sources of growth, and Russia is betting on a technological leap. As I see the situation, business platformization, automation, the adoption of artificial intelligence, and accelerated import substitution are becoming key drivers for the domestic economy. These directions were voiced by Russian Finance Minister Anton Siluanov at a meeting of finance ministers and central bank governors from G20 countries in the United States.
The essence of Siluanov's statement
On the sidelines of the summit in Asheville, the head of the Finance Ministry emphasized that previous models of global economic development have outlived their usefulness. For Russia, new growth points are not just abstract concepts but concrete sectors: from agriculture to high-tech products. Essentially, this is about rebooting the economic model, where digital platforms and AI become the foundation for productivity.
Special emphasis was placed on investments and long-term citizen savings. Siluanov noted that tax policy should stimulate investments in the economy: for every ruble of budget support, there should be at least a ruble of private investment. The "budgetary leverage" principle works here as a multiplier, creating a snowball effect for business activity.
The official also cited reducing the administrative burden as an important resource. A telling example is the two-thirds reduction in the number of mandatory approvals in construction, after which the sector recorded growth. This is direct proof that deregulation can be a powerful stimulus.
Global challenges and context
Among the systemic problems of the global economy, the minister highlighted geopolitical fragmentation and rising government debt. Over four years, global spending on debt servicing has grown by about 50%, and developed countries allocate around 80% of new borrowings to refinancing old obligations. This is a vicious circle that requires unconventional solutions.
On the sidelines of the G20, Siluanov also held talks with U.S. Treasury Secretary Scott Bessent, discussing cooperation within the "G20" framework and bilateral issues. Earlier, Prime Minister Mikhail Mishustin reported that Russia's GDP for the first half of 2026 grew by 0.6% year-on-year, with the second quarter showing more noticeable dynamics after a decline at the start of the year.
Non-oil and gas budget revenues for January-July grew by 18.3%, reaching 17.5 trillion rubles. Receipts from turnover taxes also increased, reflecting growth in domestic demand and citizen incomes. Notably, Finance Ministry staff already use AI in preparing the budget, although the final decision remains with humans.
My analysis: The bet on digitalization and AI is not just a trendy fad but a forced necessity under sanctions pressure. However, success will depend on how quickly these solutions can be scaled beyond the public sector and real incentives can be created for private business. So far, we see only the first steps, but the direction is set correctly.