MOSCOW, May 26. /TASS/. A labor shortage will persist in the Russian economy for many years, First Deputy Chairman of the Management Board of VTB Dmitry Pianov said in an interview with TASS.
"The Russian economy will face a labor shortage for many years to come. Two development models are possible here. The extensive model involves importing labor from other countries. This process is limited. The main recipe, in my opinion, is intensification in lagging areas: digitalization, platformization of the economy, the use of artificial intelligence technologies and robotics, the transfer of resources from low-productivity industries to more highly productive ones," he said ahead of the St. Petersburg International Economic Forum (SPIEF).
VTB plays a significant role in supporting economic growth due to its so-called credit leverage, Pianov noted. "Naturally, we cannot expand our corporate loan portfolio indefinitely, so we are forced to choose who we lend to. Essentially, banks largely play a selective role: which industry or which enterprise to provide financial resources to, allowing for capacity expansion. The credit leverage of growth and the selectivity of resource flows are two factors of influence of the banking sector in general and VTB in particular on the intensive development of the economy," he explained.
