The state needs to nurture private business and help fill the void in the labour market
I think that the oil and gas sector will face restrictions, but they are surmountable. Those sanctions on oil and gas, they lead to export reduction in physical volumes, but prices remain high. And, most likely, commodity prices will be quite high in the coming years. But there is a surplus in terms of production. There will most likely be excess capacity in oil and in gas. In my opinion, this creates excellent opportunities to develop the next level of processing sectors. One option to monetize gas is to develop petrochemicals. Subsequently, the transportation of the end product becomes easier in a sense — Marcel Salikhov, President, Institute for Energy and Finance Foundation.
In developing countries, which Russia belongs to, infrastructure plays a very important role. Unfortunately, a lot of effort has to be spent on it by the government. Here you will not see that private business is coping entirely well with both physical and financial infrastructures. So, the government's involvement in this development will be very large and, hopefully, very confident and effective — Oleg Shibanov, Academic Director of the SKOLKOVO-NES Centre for Research in Financial Technologies and Digital Economy, Professor of Finance at New Economic School (NES).
Even in this difficult economic situation we find ourselves now, we still are in an economy where the unemployment rate is 4%. This means that now we are facing a deficit in the labour market. It means we only have a small untapped labour force to include. We are not an agricultural economy where you can bring people "from the fields" and train them. We are past that stage. It is important for us now not to fall back into that pattern, [to return to] some kind of outdated growth model. It is, for instance, what the Asian Tigers are demonstrating, and everyone wants to follow those examples. But here, I think it is dangerous to fall into that model. We do not have those resources, we do not have the resources to bring people "from the fields" or even from some remote areas. We need to build a new model and see where we will really have, as they say, points of growth. I believe that we should not build the past, but build the future — Sofya Donets, Chief Economist for Russia and CIS, Renaissance Capital.