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Russia needs to change the structure of the economy and away from “oil addiction,” said Deputy Prime Minister Yuri Borisov. An additional source of GDP growth, Deputy Prime Minister sees in the development of high-tech production. He believes that you should “risk it and go for the budget deficit, to go on borrowing.””We need to change our financial-credit system and approaches to change long-term objective of changing the structure of economy and shift it away from the “oil needle”. It is impossible to live under the constant threat of volatility of demand and supply and volatility in oil prices. The budget of the Russian Federation should be stable and not be affected by these global fluctuations,”— said Mr. Borisov during his speech at an online discussion held in the framework of the forum “Innoprom” (quoted by “RIA Novosti”).He added that we should not be proud of the rate of economic growth of 1-2%, you need to reach the level of 5-6% and you can do this by creating high-tech production in the country. In addition, the Deputy Prime Minister sees no reason for pride and in the budget surplus.”We must stop proud of the budget surplus in the country at the period of the provide a more dynamic growth. I think we should risk it and go for the budget deficit, to go on borrowing, we need to start spending, and certainly at least not to reduce those budgetary allocations that today we have plans and the budget. We must change the trajectory of the exit, which is traditionally used in overcoming crisis situations. It is necessary not to shrink, to the contrary, the dynamically moving forward”,— said Mr. Borisov.Recall that world demand for oil, one of the main export goods of Russia, collapsed on the background of the coronavirus pandemic and the collapse of the OPEC transaction+. The price of Brent crude oil fell to 20-year lows, the price of oil WTI for the first time in history reached negative values. In April to stabilize the situation on the market of member countries of OPEC agree on the record reduction in oil production.About the situation on the market — in the material “Kommersant” “Oil in an era of limits.”

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Jennifer Alvarez is an investigative journalist and is a correspondent for European Union. She is based in Zurich in Switzerland and her field of work include covering human rights violations which take place in the various countries in and outside Europe. She also reports about the political situation in European Union. She has worked with some reputed companies in Europe and is currently contributing to USA News as a freelance journalist. As someone who has a Masters’ degree in Human Rights she also delivers lectures on Intercultural Management to students of Human Rights. She is also an authority on the Arab world politics and their diversity.