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Putin: Sustainable growth for all remains G20's strategic objective

August 28, 2013, 12:30 UTC+3

Russian President: "Though we are experiencing a slow recovery, its pace is not sufficient for leveling-off the global imbalances"

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Photo ITAR-TASS/Ruslan Shamukov

Photo ITAR-TASS/Ruslan Shamukov

MOSCOW, August 28 (Itar-Tass) - Russian President Vladimir Putin said ensuring strong, sustainable, balanced, and inclusive growth for all states remained the strategic objective of G20, in an address to the participants in the G20 summit in St Petersburg on September 5-6.

In his opinion, the global economy still remains at the risk zone. "Though we are experiencing a slow recovery, its pace is not sufficient for leveling-off the global imbalances. Our common strategic goal is therefore to ensure strong, sustainable, balanced, and inclusive growth for all," the head of the Russian state said in a statement published on the official Kremlin website.

The President reminded that this year marks the G20's 5th anniversary. At the peak of the crisis the G20 members agreed on coordinated measures to support the global economy. "We made the commitment to curb trade protectionism, developed new principles of financial regulation, and defined the objectives for future economic policy coordination and reform of financial institutions," the President added.

The measures taken at that moment helped deter the crisis, stabilize the financial markets, and enhance the supervision over the systemically important financial institutions. "The G20 members launched the reshaping of the international financial architecture to make it more sustainable and fair, and started the work on building the mechanisms for better mutual confidence," he went on.

"Since the very beginning of Russia's G20 Presidency, we have identified fostering economic growth and job creation as our primary objectives. Mainly - through stimulating investment, effective regulation, and enhanced trust and transparency. Having these priorities as a starting point allowed us to ensure the continuity of the G20 work, and make considerable progress over the nine months in such areas, as implementation of the Framework for Strong, Sustainable and Balanced Growth, quality job creation, international financial system reform, development, and strengthening of the multilateral trade," Putin said.

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