Asia - Pacific

Putin calls unemployment, poverty biggest global risks

Russian president addresses G20 summit via videoconferencing

Elena Teslova   | 21.11.2020
Putin calls unemployment, poverty biggest global risks


Russian President Vladimir Putin on Saturday called poverty and mass unemployment triggered by the pandemic the biggest global risks.

Speaking at the Group of 20 Summit via videoconferencing, Putin said the pandemic triggered an economic crisis the likes of which the world has not known since the Great Depression.

The president stressed that the G20 put together an anti-crisis package of economic incentives worth $12 trillion to help developing economies.

He also warned about a risk of national currencies devaluation and, consequently, an increase in the cost of servicing public debt, especially for low-income countries, two-thirds of whose borrowings are denominated in dollars.

"I think additional measures are needed to prevent the situation from getting worse and economic and social inequality from growing," he said.

Putin also suggested further search for common approaches to reforming the World Trade Organization in accordance with modern challenges.

G20's common goal is to provide the global population with vaccines, the president said, adding that Russia is ready to provide countries in need with its Sputnik V ad EpiVacCorona vaccines.

The G20 consists of Germany, the US, Argentina, Australia, Brazil, China, Indonesia, France, South Africa, South Korea, India, the UK, Italy, Japan, Canada, Mexico, Russia, Saudi Arabia, Turkey, and the European Union.

The summit kicked off virtually in Saudi Arabia's capital Riyadh earlier on Saturday.

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