The global economy is returning to normalcy, Russian President Vladimir Putin said at the St. Petersburg International Economic Forum (SPIEF).
“Despite the depth of last year’s recession, which, according to experts, was the largest since the Second World War, it is already safe to say that the global economy is returning to normal,” Putin said.
According to the head of state, the growth of global GDP is expected to be the highest since the 70s of the last century.
“This, of course, was influenced by large-scale, extraordinary decisions made by economic authorities around the world. Moreover, practice has shown that traditional monetary policy measures alone would not be enough to overcome the current crisis, ”he added.
Fiscal policy plays a key role in the process of economic recovery, the Russian leader noted. At the same time, according to Putin, the recovery of the world economy is happening unevenly due to the different capabilities of the states of the world.
“This is fraught with an increase in the imbalance, an increase in the gap in the standard of living both within individual countries and between them. This gives rise to serious political, economic and social risks for the development of the modern interconnected world, for common security, ”the President stressed.
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