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Russia to focus on global economic growth and employment in G20

January 25, 2013, 6:05 UTC+3
Medvedev also believes it necessary to foster an active dialogue with business and civil society
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DAVOS, January 25 (Itar-Tass) — Russia’s presidency in the Group of Twenty will focus on decisions designed to spur global economic growth and increase employment as well as to continue the International Monetary Fund reform, Prime Minister Dmitry Medvedev said.

“The main priority will undoubtedly be in pooling our efforts to work out decisions that can spur global growth and expand employment,” Medvedev said at a panel discussion on the Group of Twenty at the World Economic Forum in Davos on Thursday, January 24.

In his opinion, “initiatives aimed at improving national systems of public borrowing and governance are of paramount importance” for accelerating global economic growth and ensuring fiscal consolidation.

“I think we should stop these endless and futile discussions, which have been held in the Group of Twenty and in many other formats for the past several years, on what has higher priority – the growth or fiscal consolidation. This will lead us nowhere,” the prime minister said.

He stressed that during its presidency in the Group of Twenty in 2013 Russia would continue to promote the IMF reform. “We will also continue efforts towards further implementation of the framework agreement to ensure steady, sustainable and balanced growth,” Medvedev said.

Special attention will be paid to restoring investment activity and increasing employment.

Reserve currencies are another important issue. “It’s not only the currency that is used by the Central Banks to build up their reserves. The experience of the last several years showed that the liquidity crisis in reserve currencies has a serious impact on financial activities and volatility of markets. This is why we should think about creating mechanisms that would act as ultimate creditors in such markets,” Medvedev said.

He noted that the Russian government would analyse new protectionist measures. “We will support the process of trade negotiations within the WTO, which Russia joined last year,” he said. During its presidency in the Group of Twenty Russia will seek to achieve maximum transparency and develop contacts with international organisations and continue the practice of inviting foreign leaders to participate in the forum.

Medvedev also believes it necessary to foster an active dialogue with business and civil society. “Russia will exert all efforts to find complex and modern solutions to global economic problems in order to accelerate growth, create favourable conditions for entrepreneurial activities and increase employment,” he said.

However this is not the full list of Russia’s priorities in the Group of Twenty during its presidency there. Others include sustainable development in global energy markets, assistance to international trade and the fight against corruption.

Medvedev stressed that Russia’s presidency in the Group of Twenty has started at a time when the global economy is slowing down. The world economic grew by 6 percent in 2010, by 3.3 percent in 2012 and is projected to grow by 3.6 percent in 2013.

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