The global economic downturn caused by the coronavirus pandemic was the largest since World War II, Russian President Vladimir Putin said during a speech at a plenary session of the St. Petersburg International Economic Forum (SPIEF). Russia, he said, is returning to normal life, despite all the difficulties. The President said that unusually large growth in global GDP is expected in 2021.
According to Mr. Putin, the recovery of the world economy is proceeding unevenly. This, in turn, generates serious political risks, including economic and social ones. “We see that the recovery of the world economy is proceeding unevenly, bearing in mind the different possibilities of different countries. 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, ”the Russian president emphasized.
However, “despite the depth of last year’s recession,” we can say that the world economy is already “returning to normal life,” said Vladimir Putin. “It is expected that this year, the growth of global GDP will also be unusually large, will be the highest since the 70s of the last century,” he said, adding that experts predict growth by 6%.
According to the president, the economy and labor market in Russia are already approaching pre-crisis levels. “Thanks to timely operational measures, the Russian economy and the labor market are already approaching pre-crisis levels. We have managed to save millions of jobs and avoid a sharp drop in citizens’ incomes, ”said Mr Putin.
Speech by Vladimir Putin at SPIEF-2021. the main thing
The fact that the world economy is recovering from the pandemic unevenly was previously reported by the Organization for Economic Cooperation and Development (OECD). According to her forecast, in 2021, global production will grow by almost 6%. The OECD also improved its forecast for Russia’s GDP growth in 2021 from 2.8% to 3.5%. In 2022, the Russian economy is expected to grow by 2.8%; in 2020, the decline was 2.6%. The World Bank (WB) has improved its forecast for Russia’s GDP growth in 2021 and 2022 to 3.2%.
For more details on the WB forecast, see the Kommersant article “Minimum Income in the Russian Way”.