Russia’s Sberbank CEO says resource economy to end by 2030

MOSCOW, Oct 3 (PRIME) -- Russian national top lender Sberbank CEO German Gref, former economic development minister, believes that economy oriented only on exports of oil and gas will come to an end by 2030, and there will be no return to high oil prices, he said Monday during an interview show hosted by Vladimir Pozner on Channel One.

“Sooner or later this resource economy based on competitive advantage of a single resource will end. This is a more important event for us in the current period of time,” Gref said.

Gref urged to focus on diversification of economy.

“In my opinion, under all the feelings and all the trends that we see today, there would not be a repeat of such a commodity super cycle. We should be ready for it. We do not have much time. In terms of macroeconomics, a very small period of time. And so, probably we should talk about finding new dynamics, that we need to diversify the dynamics,” he said.

“I hope a lot that a start of changing the quality of economic growth, diversification, which is in my view an issue of further future of our country and our society, becomes the main one on the agenda,” Gref also said.

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