RIO DE JANEIRO, February 22, /TASS/. Many Western economies, particularly European ones, are stagnating, Russian Foreign Minister Sergey Lavrov said at the G20 Foreign Ministers Meeting.

"According to the latest IMF forecasts, economic growth rates in countries with developing markets will outpace global average ones (3.1%) and will amount to 4.1% in 2024 and 4.2% in 2025. Many Western economies, particularly European ones, are actually in stagnation against such background. These are statistical data of the same institutions sponsored by the West - the IMF, the World Bank, and the OECD," Lavrov said.

"These institutes are turning into artifacts from the past. The domination of the West is already influencing their ability to meet imperatives of the time, while it is absolutely clear now that current problems of humankind can be overcome on a consolidated basis only, considering interests of Global South and the aggregate of global economic realities," the top Russian diplomat added.