Artificial intelligence is already reshaping individual behavior, corporate strategies, and the structure of public finances, while demographic change, expected to continue at least until 2050, is set to transform the economy itself. In this environment, a shift toward a long-term fiscal framework could move the focus beyond resilience and toward a strategy of stable and predictable growth. These conclusions were presented during the session “Economic Growth: Fresh Ideas from Young Economists,” held on June 6 as part of the Youth Day programme of the St. Petersburg International Economic Forum 2026.
The event was supported by the World Youth Festival Directorate. During the discussion, members of the New Generation Club presented their research that formed the basis of the joint report “Economic Growth Through the Eyes of Young Economists: An Encounter with Reality.” The report was prepared by the Roscongress Foundation and the Vedomosti Business Newspaper, in collaboration with the World Youth Festival Directorate, PSB Bank, the Sodruzhestvo Platform, VEB.RF, and the Financial University under the Government of the Russian Federation. The session was moderated by Ignatiy Pavlov, Director General of the Vedomosti Business Newspaper.
Ekaterina Kruchinskaya, Associate Professor at the Department of Politics and Management of the Faculty of Social Sciences at HSE University, emphasized that artificial intelligence represents a natural stage in the digitalization of the economy and has already affected all market participants. In her opinion, the main risk associated with AI lies not in the technology itself. The lecturer not only encourages students to use AI tools but actively recommends doing so. The greater challenge stems from human behavior: people often use the freed up time for leisure rather than development. At the corporate level, investments in AI have yet to pay off, but this is a temporary issue. Economic benefits require time to materialize. Ekaterina Kruchinskaya identified the most serious challenge for the state as the inability of existing economic growth models to adequately account for technological solutions of this kind.
Artificial intelligence is not used solely for good purposes. Nguetobaye Massengar Rongar, Ambassador of the International Movement for Financial Security under the Federal Financial Monitoring Service of the Russian Federation and Senior Lecturer at the Department of International Business of the Financial University, noted that AI has significantly sophisticated fraud schemes, making a growing number of people vulnerable to financial crime. He is convinced that cybersecurity challenges are rooted not only in technology but also in psychology. The most effective response lies in fostering responsible financial behavior, teaching people how to verify information, and helping them recognize deepfakes, starting from school. Alexander Vedekhin, Deputy Director of the Department of State Youth Policy and Educational Activities at the Ministry of Science and Higher Education of Russia, supported the idea and suggested developing a universal educational programme at the university level that could eventually be applied beyond Russia.
One of the most significant challenges of the coming decades will be adapting to a new demographic reality in which both life expectancy and the average age of the population continue to rise, while birth rates face the real risk of decline. Anton Fufachev, Head of the Macroeconomic Forecasting Direction at Uralsib Bank, pointed out that existing pension systems in many countries depend on the income of younger generations to meet social obligations to retirees, creating a substantial risk of imbalance. A second challenge is declining labor productivity. In his opinion, these risks can be mitigated through greater investment in public health and the modernization of educational programs. Igor Alutin, Senior Managing Director for Retail Business, Development of Electronic Platforms and the Finuslugi Marketplace at the Moscow Exchange, supported the idea of building personal capital from an early age and emphasized the importance of developing this habit among young people. At the same time, Alexander Vaino, Director of the Young Professionals Department at the Agency for Strategic Initiatives, cautioned against drawing a direct link between increased longevity and declining birth rates, arguing that these are different trends.
Emil Ablaev, Expert at the Center for Macroeconomic Analysis and Short-Term Forecasting, stated that under current macroeconomic conditions, fiscal policy must address not only current balance but also be guided by long-term principles that preserve the sustainability of public finances and support economic growth over an extended horizon. He highlighted the importance of returning to a predictable tax environment, describing it as a new long-term contract between the state and taxpayers. David Monastyrsky, Founder of the International Community of Young Central Bankers, added that modern central banks have evolved from narrowly focused inflation-fighting institutions into organizations responsible for safeguarding financial stability and supporting broader economic development.
Concluding the discussion, Ignatiy Pavlov, Director General of the Vedomosti Business Newspaper, described the report presented by the club as the beginning of a broader expert dialogue. Alexander Vedekhin, in turn, proposed involving representatives of the Ministry of Economic Development of the Russian Federation in the club’s work to actually apply the recommendations of young economists.
Overview:
The New Generation International Club of Young Economists is a platform for intellectual exchange and collaborative work for those who will shape the economic realities of the future. Its members are united by the ambition and ability to look beyond conventional models and propose innovative solutions to emerging challenges.
The World Youth Festival took place in Sirius on March 1-7, 2024, according to the Decree of Russian President Vladimir Putin on the development of international youth cooperation. The WYF-2024 brought together 20,000 young leaders from 190 countries.
In line with the Russian President’s instructions to preserve and further develop the legacy of the World Youth Festival, festival events are now held annually across the Russian Federation. In 2025, the World Youth Festival Assembly was held in Nizhny Novgorod, bringing together 2,000 young people from 120 countries. In 2026, the International Festival of Youth will welcome 10,000 participants. The next World Youth Festival for 20,000 participants will take place in 2030.
The World Youth Festival Directorate continues its work to strengthen international youth cooperation and develop a global community of young people committed to shaping a better future.