St. Petersburg International Economic Forum (SPIEF),held from June 3-6, focused this year on "Pragmatic Dialogue: The Path to a Stable Future." Discussions centered on new models for global development amid shifting economies. Russian Deputy Prime Minister Alexander Novak gave key speech June 4 about potential fallout from ongoing geopolitical instability.
Novak warned that drawn-out Middle East conflict could speed up global shift from traditional energy. He painted a bleak picture: "Tectonic shifts are taking place in economy,not just in energy. If this really goes on for long time,the impact will be far more negative for both energy sector and economy."
Deputy Prime Minister noted countries are cutting energy use,especially in specialized fuels like aviation kerosene,which has led to less air travel. He suggested these market forces will push consumers to change behaviors as demand shifts.
these economic "tectonic shifts" are expected to drive major efforts to form new supply chains and find varied ways for energy distribution. He also predicted an increased push for alternative power sources from emerging tech.
The annual SPIEF event,where these comments were made,is organized by Roscongress Foundation. TASS is general information partner for forum,aiming to spark dialogue on evolving global economy .
