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‘Downshifter’ Russia Is Losing Global Competition, Warns State Bank Chief

Russia has unsuccessful to adapt to economic and technological change and has depressed into the ranks of “downshifter” countries that will catastrophically loiter behind their some-more modernized rivals, the head of the country’s largest bank pronounced Friday.

“We contingency overtly acknowledge that we have mislaid to competitors,” German Gref told the Gaidar Forum in Moscow, according to news group RIA Novosti. Warning of “technological subjugation,” he said, “we have found ourselves in the ranks of countries that are losing, downshifter counties.”

Gref — conduct of Sberbank and a former mercantile growth apportion underneath President Vladimir Putin — pronounced the era of oil was over and that in the new technology-driven universe the difference between the leaders and losers would be “larger than during the industrial revolution,” according to the Rambler news service.

His warning came as a steep decrease in oil prices has pitched Russia into its longest retrogression given the 1990s, demonstrating the country’s faith on energy exports.

Gref called for radical renovate of state institutions and the preparation complement to enable people to join the technical revolution.

But referring to the outrageous numbers of educated Russians who cite to live and work in Europe and the United States, he warned: “Our many terrible export, and our largest export, that we contingency stop, is the export of brainpower. We don’t count how many we trade any year though we fear that in terms of losses, it is the biggest of our exports.”

Article source: http://www.themoscowtimes.com/article/555889.html