Gref called entrepreneurs the backbone of the Russian economy

Entrepreneurs create added value and are the foundation of the economy, and the economy, in turn, serves as the foundation of the state, said Herman Gref, President and Chairman of the Board of Sberbank, at the Sbera business breakfast at SPIEF 2026.

The main topic of the meeting was the development of the Russian economy in the face of new challenges. The participants discussed the economic growth model, monetary and fiscal policy, as well as the role of technology in increasing business competitiveness.

According to Gref, despite the growth of the Russian economy by more than 20% over the past ten years, a number of factors that ensured this development have already been exhausted. In particular, unemployment is at historically low levels, and labor productivity is not growing fast enough.

"The efficiency of this economy is the efficiency of the state. Our attitude to business, to those people who work daily to create the economic foundation of our development, is very important. And the smaller the company is, the more attention we must pay to protecting it from administrative barriers and helping it become a stable unit of economic functioning," Gref said.

According to a survey of the event participants, the main obstacles to business development today are high taxes and interest rates. Other barriers included reduced demand, administrative pressure, geopolitical factors, and sanctions.

The head of Sberbank noted that the business continues to consider the high cost of borrowed funds as one of the main limitations for investment activity. At the same time, in his opinion, new technologies are becoming not only an opportunity, but also a necessity to increase the competitiveness of companies.

The business breakfast was attended by representatives of federal and regional authorities, State Duma deputies, heads of constituent entities of the Russian Federation, heads of companies, as well as entrepreneurs and experts in the field of science and education.