The global economy is on the brink of tectonic shifts. Traditional growth drivers that have fueled global expansion for decades are gradually exhausting their potential. In these conditions, states are forced to seek fundamentally new development vectors. And, as recent events show, Russia has found its formula — a synthesis of digitalization, artificial intelligence, and deep import substitution.
New growth points: from fields to high technology
At a recent meeting of G20 finance ministers and central bank heads in Washington, Russian Finance Minister Anton Siluanov outlined key priorities for the domestic economy. This is not just about modernization, but a fundamental restructuring of the growth model. Platformization of business, automation of production, and widespread AI implementation — these are the three pillars on which the new economic reality will be built. At the same time, import substitution covers everything — from agriculture to the most advanced technology sectors.
Special emphasis in the speech was placed on the investment climate. Siluanov highlighted the effectiveness of tax incentives: for every ruble of budget support, the country receives at least a ruble of private investment. This "budgetary leverage" principle creates a powerful multiplier effect, attracting commercial funds into the real sector. An additional resource has been the reduction of administrative burden — cutting mandatory approvals in construction by two-thirds has already given a tangible boost to growth in the industry.
Global challenges and Russian resilience
Against the backdrop of global geopolitical fragmentation and an unprecedented rise in government debt (debt servicing costs have grown by nearly 50% over four years, with developed countries directing about 80% of new borrowing toward refinancing), Russia is demonstrating confident momentum. Notably, the country's GDP grew by 0.6% year-on-year in the first half of the year, with a noticeable acceleration in the second quarter. Non-oil and gas budget revenues surged by 18.3% in January-July, reaching 17.5 trillion rubles, reflecting growth in domestic demand and citizen incomes.
Remarkably, artificial intelligence tools are even beginning to be applied in the budget process, although the final word, of course, remains with humans. On the sidelines of the G20, Siluanov also held a bilateral meeting with U.S. Treasury Secretary Scott Bessent, discussing cooperation within the "G20" framework.
My view: The emphasis on technological transformation and domestic investment is not just an anti-crisis measure, but a strategic maneuver. In conditions where global supply chains are being redrawn, and digital currencies and AI are changing the very nature of financial relations, betting on technological sovereignty looks like the only right choice. However, the key test will be the ability to convert these initiatives into sustainable productivity growth, not just statistical indicators.