MOSCOW, October 7 (RIA Novosti) – There is little hope for a rapid recovery of the global economy although the most acute phase of the crisis is now over, Russian President Vladimir Putin warned Monday.
“The problems of the current economic model are of a structural and protracted nature,” he told a two-day summit of the Asia-Pacific Economic Cooperation (APEC) forum in Bali, Indonesia, attributing that to “chronic global imbalances.”
A new long-term economic development model is needed to rectify those imbalances, which should ensure the growth of the goods-and-services economy, job creation and structural reforms, he said.
The parameters of that model were discussed at the June G8 summit in Northern Ireland and G20 summit in St. Petersburg last month, Putin said, adding that G20 leaders reached a consensus on the need to “combine economic stimulus and fiscal consolidation measures.”
“This is an uphill task, but the G20 leaders decided that it can be fulfilled,” he said.