Putin's G20 Remarks On The Global Economy & Global Health

Vladimir Putin delivers remarks on The Global Economy and Global Health, at the first working session of the heads of delegations of the G20 member countries, invited states and international organisations, via videoconference on Saturday.

Last year the economic authorities of the G20 member countries and many other countries decided to significantly increase their budget deficits against the backdrop of the deep crisis caused by the pandemic, which allowed for launching global economic recovery. "However, such extraordinary measure accompanied by securities buyouts by central banks should be limited in time," Putin said.

In Russia, the budget deficit rose to four percent of the GDP in 2020 against the background of large-scale support measures for the population, small and medium-sized businesses, and the healthcare system.

"This allowed us to achieve a recovery of the labour market. In the current year we have normalised our macroeconomic policy to the point that the budget will be in the surplus. We have not only achieved that, but we have also tightened out monetary policy," he added.

"I would like to point out that it is the United States that accounted for 40% of the G20's overall budget deficit in 2020-2021," the Russian leader stressed, adding that the entire global economy depended on the United States' economic situation.

Putin noted that Russia supports the G20's efforts to support the poorest countries. Some countries are still unable to get access to vaccines and other resources because of unfair competition, Vladimir Putin said.

I would like to point out that despite the decisions made by the G20, not all countries in need have been able to get access to vaccines and other vital resources. I believe that it is happening because of unfair competition, protectionism and the fact that a number of nations, including G20 members, are unwilling to mutually recognize vaccines and vaccination certificates," Putin noted.

"Given the current situation, the role of the World Health Organization is becoming more and more important and its activities deserve global support," the head of state pointed out. According to Putin, "steps that would infringe on the prerogatives of the WHO, which works under the auspices of the United Nations, are unacceptable."

Both suppliers and consumers need to act in a responsible manner to ensure stability on the energy market, Putin said.

"Stability on global energy markets depends directly on the responsible actions of all participants, including suppliers and consumers, based on respect for the long-term interests of each party," he noted.

Russia supports having an in-depth pragmatic discussion of this matter, based on purely economic considerations.