Putin Tells G20 World Faces Economic Crisis Not Seen Since Great Depression

MOSCOW (Sputnik) – Russian President Vladimir Putin said at the G20 summit on Saturday that the world is facing a major economic crisis this year that can be comparable to the Great Depression.

The Russian president also praised the contribution of the United States to the world economic recovery.

Putin added that mass unemployment and poverty remain major issues for the world.

Devaluation of national currencies during the global COVID-19 pandemic is a major risk, especially for low-income countries, the Russian President added.

The Russian President also has urged G20 members to abandon protectionism and sanctions. 

On Measures to Prevent Further Rise of Inequality Amid Pandemic

Putin called on the participants in the G20 summit in Riyadh to take additional steps to prevent the deterioration of the debt crisis in developing countries, as well as an increase in economic and social inequality amid the coronavirus pandemic.

During his address, Putin noted the considerable assistance provided by the International Monetary Fund and the World Bank to developing countries in these conditions. The president recalled that in April, at their suggestion, the G20 decided to establish a temporary moratorium on debt payments.

On Access to COVID-19 Vaccines 

The president added that competition among pharmaceutical companies is inevitable, but there will be enough work for everyone, as the scale of the pandemic obliges countries to use their potential to provide COVID-19 vaccines to the global population.

On WTO Reform

There is no alternative to the World Trade Organization (WTO) today, but changes are needed in light of contemporary global challenges, Putin said.

The Russian president added that this goal will not be achieved without a stable, efficient and multilateral trading system based on universal norms and principles.

“And there is no alternative to the World Trade Organisation today,” Putin added.

Sourse: sputniknews.com