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Stagnation in world economy to last till 2013-expert

October 09, 2011, 16:19 UTC+3
In the opinion of the deputy minister, the crisis will pass with difficulties not only for Russia, but also for China as well as the US and Europe
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RHODES, October 9 (Itar-Tass) — The stagnation in the world economy will last till 2013, said on Sunday Russian Deputy Minister for Economic Development Andrei Klepach, speaking at the Rhodes forum, in particular at the roundtable “World Finances and Anti-Crisis Administration: Civilised Reply”.

Describing the world economic situation as a whole after the crisis, Klepach noted that “nobody supposed such a scale” and called for learning experience from past mistakes.

In the opinion of the deputy minister, the crisis will pass with difficulties not only for Russia, but also for China as well as the US and Europe. “There is stagnation for the Chinese economy in store,” he noted. “Besides, China will stop being a powerhouse for prices on raw materials”.

“Russia will not be ‘a peaceful back-water’ either,” Klepach continued. “But as against stagnating Europe, we have a chance for development, and ‘a Russian miracle’ may take place,” The deputy minister also pointed to the importance of state investments to perk up the economy and noted that Russia was the only country which shrank investing during the crisis.

On the whole, participants in the ninth session of the World Public Forum “Dialogue of Civilisations” paid much attention to the economic topic. Leading economists from various countries tried within two days to find a prescription for invigorating the world financial system.

In the opinion of chairman of the board the British Barklays Capital Hans-Joerg Rudloff, the situation is still in the state of the banking crisis that was a consequence of wrong management of the financial industry. He pointed to the danger of uncontrolled crediting, creating only additional problems for the banking sector.

He added that an ordinary British citizen now can have up to 18 credit cards at his disposal; a similar picture is observed in Germany,” Rudloff said. According to the banker, this is not quite correct.

He was echoed by Italian former Deputy Economic Minister Mario Lettieri. “The world banking system is now under stress,” he claimed. “The situation with Greece is becoming more dramatic with every passing day. As a result, the entire financial architecture of the European Union is suffering.” “All of us should understand that deficit spending is a wrong step,” Mario added.

According to German economist Peter Loescher, rising joblessness is the most dangerous aftermath of the European crisis. “It edges up on 45 percent in many countries,” he said. “The question is how to create guarantees for future generations.” The economist noted that according to the assessment of experts, the population of the earth would increase from six to nine billion people over the next few years. “We should think now how to create a stable situation in the world,” he continued.

The Rhodes forum is known as prestigious grounds for exchanging opinions on pressing problems of world development. Historians, political scientists and philosophers from over 60 countries participate in the present meeting. The forum is called upon to make a contribution to strengthening confidence and tolerance in society, in relations between states. Its task is to help accumulate intellectual capital, necessary for forming a new, more just and democratic international system.

 

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