ST. PETERSBURG, June 5. /TASS/. Traditional, or inertial, drivers of Russia’s economic growth are nearing exhaustion, making a new economic growth model necessary, Sberbank CEO German Gref said at Sber’s business breakfast held as part of the St. Petersburg International Economic Forum (SPIEF-2026).
He noted that representatives of small businesses are the foundation of the economy and the creators of added value.
According to Gref, the Russian economy is facing a number of serious challenges, including a high key interest rate, a growing tax burden, a strong ruble, and administrative barriers.
TASS has compiled the key statements made by the Sberbank chief.
Traditional or inertial drivers of Russia’s economic growth are nearing exhaustion, making a new growth model necessary: "Unemployment remains at historic lows, while capacity utilization is also high, and labor productivity has not yet grown at a pace that could offset these factors. Traditional or inertial drivers of economic growth are approaching exhaustion. The question now is what the future model of economic growth could be and what the government can and should do to implement it."
