Financial officials discuss model of Russia's economy growth (VIDEO)

A panel discussion on 'the model of sustainable economic growth for Russia' is being held in the framework of the 8th Gaidar Forum in Moscow. It was opened by an address of the chairman of the Board of the Center for Strategic Research, Alexei Kudrin.

According to him, the previous model is no longer working in Russia. There are no decisive steps which could launch a new model. "Today Russia is showing low economic growth, and the key problems are not caused by oil prices," the head of the Center for Strategic Research noted. In such a situation, Kudrin believes, we need to act more decisively, carrying out reforms and responding challenges. Among the reforms - raising the retirement age, which, according to the forecast of the Center for Strategic Research, will increase to 65 for men and to 63 for women by 2020.

In general, the economist stressed that in the case of carrying out systemic reforms, Russia could reach economic growth above 3% in 2019 and accelerate growth to over 4% by 2022. The rejection of reforms could lead to a weakening of the country's presence in the world markets, including the oil market.

"We need to be more active on the foreign market and change the share of non-primary goods," TASS cited him as saying. Kudrin believes that in 15 years the share of non-primary and non-energy goods should exceed half of total exports.

"We faced the problem of Russia's technological backwardness. In my opinion, this is one of the most serious challenges," he pointed out.

After Alexei Kudrin's speech, the discussion was joined by the head of the Accounting Chamber Tatyana Golikova, the Minister of Finance Anton Siluanov, the head of the Ministry of Economic Development Maxim Oreshkin, the World Bank Vice President for Europe and Central Asia Cyrille Muller and the chief economist of Vnesheconombank Andrei Klepach.

Deputy Chairman of the Central Bank, Ksenia Yudayeva, explained that low inflation is a way of creating conditions for economic reforms and its greater differentiation. "According to our forecasts, inflation of 4% is an achievable goal, and we aim to keep inflation at this bar in the short term," she said.

Economic Development Minister Maxim Oreshkin said that his agency regards the inflation target of 4% in Russia the very real task this year.

Finance Minister Anton Siluanov said that the shock period for the Russian economy is behind.

Head of the Accounts Chamber Tatyana Golikova touched the efficiency of public investment. "Preliminary results of 2016 show that public investments have been performed at historically low levels - 90.4%, she said.