Coronavirus pandemic might end in financial disaster on scale of ‘Great Depression,’ Putin tells G20

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Russian President Vladimir Putin has warned that the coronavirus pandemic might result in a worldwide financial collapse that might have a big influence on the lives of hundreds of thousands of individuals the world over.

Speaking on the digital G20 summit of worldwide leaders on Saturday, Putin warned that, “despite some positive signals, the main risk is still the so-called stagnant mass unemployment with a subsequent increase in poverty and social disorder.”“The coronavirus epidemic, the global lockdown and the freezing of economic activity launched a systemic economic crisis, which the modern world has not known since the Great Depression,” he added.Putin additionally lavished reward on the “massive contribution” of the US, which, together with different international locations, has joined collectively to “create a stimulus package for the world economy to the tune of $12 trillion.” Mainly put ahead by giant economies, together with Russia’s, the stimulus is assumed to have performed a job in buoying fragile world markets.

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On Friday, the Russian chief used the Asia-Pacific Economic Cooperation summit to warn that world GDP might shrink by as a lot as 4.Four %. Although estimates recommend Russia will carry out higher than that common, Putin warned of an alarming decline in industrial manufacturing and rising numbers of individuals risking falling under the poverty line.The president additionally appeared to take intention at sanctions and commerce boundaries being levied in opposition to international locations, together with Russia, at a time when financial circumstances are as difficult as ever. “There is an escalation of economic contradictions among the leading players in the market,” Putin stated. Earlier this week he used the BRICS summit to name for financial penalties to be lifted, significantly for poorer international locations that had been hit laborious by the pandemic.Think your pals would have an interest? Share this story!