Russia Needs 2 Trillion Dollars for Major Modernization
According to statistics, 80 percent of accidents occur due to the human factor. Should we blame it on Russian negligence? It appears that aircraft fall, plants burn down and power stations blow up because of the people who are in charge of maintenance. This means that besides investing in new technologies we would probably need to modernize our conscience, which would be pricier.
The price of the issue
The modernization of Russia on a large scale will require from one to two trillion dollars.
Expert Opinion
Ruslan Grinberg, Director of Institute of Economics, RAS:
“According to our preliminary calculations, our technological funds in those industries, where we are still internationally competitive, will run out in seven years. This issue will require immediate solution. We need overall sci-tech programs of reconstruction and modernization of our economy. The government should finance the industries that can still be saved – the aircraft industry, the shipbuilding industry, the machine-tool industry and even the chemical industry. Otherwise, we are doomed to have primitive economy that depends on 10 to 12 raw commodities.”
Also read: Russian economy past worst of recession
