President of Russia Vladimir Putin address to G20 member countries

President of Russia Vladimir Putin address to G20 member countries from The Saker

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Vladimir Putin addressed the meeting of the heads of delegations of the G20 member countries, invited states and international organisations.

The summit chaired by Saudi Arabia is held via videoconference on November 21–22.

The forum’s agenda includes issues of tackling the impacts of the coronavirus pandemic, providing universal access to vaccines, strengthening healthcare systems, global economic recovery and employment, as well as cooperation in the digital economy, fighting climate change, environmental protection and countering corruption.

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President of Russia Vladimir Putin:

Colleagues,

The scope of problems humanity has faced in 2020 are truly unprecedented. The coronavirus pandemic, global lockdown and frozen economic activity have launched a systemic economic crisis the world probably has not known since the Great Depression.

The growth of national economies has been severely undermined. The pandemic claimed dozens, hundreds of thousands of lives while millions of people have lost their jobs and incomes.

The main risk, obviously, even despite some positive signals, the main risk remains: mass long-term unemployment, a so-called “stagnant” unemployment with the subsequent growth of poverty and social insecurity. The role of the G20 is to stop this from happening.

Russia highly values Saudi Arabia’s efforts during its G20 Presidency. In the present situation, the forums’ agenda was re-focussed towards global economic recovery and the protection of people’s health and wellbeing.

Drawing on the experience of fighting the 2008–2009 global financial crisis, the G20 launched a number of multilateral initiatives to curb pandemic-related economic risks and to restore business activity including via key global management institutions, namely the United Nations Organisation, the World Health Organisation, IMF, the World Bank and others.

Our countries have designed a package of incentives for the world economy totalling $12 trillion. The US President has spoken now about the US efforts – indeed, it is a very big contribution to the recovery of the American economy, which also means the recovery of the world economy.

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