Russia has a good chance at coming out on top in the digital world

5 february 2018 | RBC-TV

"The sum total of a country's value is in essence the sum total of our future revenue streams, or the sum total of the sources from which we can derive future economic growth and future development," said the first deputy head of the Analytical Center Vladislav Onishchenko commenting the World Bank's report the Changing Wealth of Nations in a live appearance on RBC.

Vladislav Onischenko
Vladislav Onischenko
First Deputy Head

Comparing Russia and the US Mr Onishchenko noted, "We're ahead of them in natural resources, which is the sum total estimate of the per capital wealth that we potentially have. What this comparison tells us first and foremost is what our strategic economic growth expectations are based on as far as the next decade is concerned. The overall material capital that we have is only half the human capital that we have, which means that in order to achieve economic growth we need to invest in education and quality of life."

Answering a question about how we look next to other countries Mr Onishchenko said, "We are smack in the middle, although we're faring a bit better than our neighbors. I would say that in terms of social welfare we're doing surprisingly better than one might expect given the current situation. Sure, we couldn't possible catch up to Norway in one go but we've got plenty of growth potential. Countries like Norway, they invest in knowledge, in technologies that will ensure fast-paced economic growth, which includes, among other things, higher worker pay over the next several decades."

Russia has a good chance at surviving and actually fairing quite well when it comes to competition in the digital world, Mr Onishchenko summed up.

Source: RBC