VTB is betting on the intensive growth of the Russian economy amid limited labor resources.

      May 26, 2026 13:40 Economy The Russian economy will continue to live for many years in conditions of labor resource shortages, said Dmitry Pyanov, First Deputy President - Chairman of the Management Board of VTB, in an interview with TASS ahead of the St. Petersburg International Economic Forum. According to him, compensating for the shortage of personnel through migration is only possible to a limited extent, so the key recipe becomes intensification through digitalization, platform solutions, artificial intelligence, robotization, and the flow of resources from low-productivity sectors to more efficient segments. "The economy of Russia will live for many years in a situation of labor resource shortages. The main recipe, in my opinion, is intensification in lagging areas - digitalization, platformization of the economy, the use of artificial intelligence technologies and robotization, the flow of resources from low-productivity sectors to higher productivity ones," noted Pyanov. He added that to maintain sustainable growth, it is important not to allow the economy to remain below its potential for too long and to maintain a balance in the rigidity of monetary policy. VTB, according to him, plays a significant role in this process through credit leverage and selective borrower choice, directing resources to the most productive sectors. Pyanov also warned of the risk of the so-called "hysteresis effect" arising in Russia - a situation where the economy, being below its potential for a long time, effectively "remembers" this level, and productive forces become unaccustomed to working at higher capacity. According to him, to consolidate inflation expectations, the economy may be below potential for several months; however, if this state persists for a year or more, the risk of a low level of activity becoming entrenched increases, so it is important to limit the duration of strict monetary policy and the period of the economy operating below potential. NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and operational information. Copyright © 1999—2025 NIA "Nizhny Novgorod". When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+