The dynamics and geography of international capital flows are changing. Geopolitical risks have become the major driver of these flows.

AI has become a tool of creative destruction. Companies that incorporate it into their business models will set the tone for the development of their sectors in the coming years. Perhaps AI will also cause a realignment in the trade and economic alliances of countries.

After a period of record growth in 2022, gas spot prices in the European market have returned to the levels seen two years ago. Europe has managed to adapt to the reduction in supplies from Russia, but price volatility and consumption risks persist.

The inflationary episode that has been experienced by all developed countries since 2021 is not over. The risk of losing the inflation anchor and falling into the stagflation trap exists even though the effects of pro-inflation factors have almost completely worn off.

Have central banks opened up due to the increased openness of the authorities or the developments of new media? This is not the case. Openness was a response to unprecedented shocks that has helped to withstand such shocks when traditional tools have turned out to be ineffective.

Entrepreneurship in Russia has shown great resilience to changes in the political and economic landscape: the influence of institutions and culture on business activity may persist even after extreme changes in political and economic conditions.

International sanctions have accelerated the transformation of the labour market which started during the pandemic. The market has moved from limited demand to limited supply, and this situation will persist for a long time, labor market expert Rostislav Kapeliushnikov says.

The more clearly businesses and households understand the central bank's policy, the closer their inflation expectations are to the target. However, it is possible for monetary policy to be excessively transparent, which can bring more harm than benefit.