Putin: High Debts of Developed Countries Hamper Global Economic Growth

The volatility of the currency and commodity markets, as well as high debts of developed countries are the limiting factors for the growth of the world economy, Russian President Vladimir Putin said on Sunday.

MOSCOW (Sputnik) — Speaking at the informal meeting of the BRICS leaders on the sidelines of the G20 summit in the eastern Chinese city of Hangzhou, Putin said:

"According to forecasts, the pre-crisis level of [economic] growth will be restored not earlier than by 2019. Among the deterrents are volatility at the currency and commodity markets, the lack of coordination of monetary policies, high debts of developed economies."

Putin said that the negative effects of the 2008-2009 global financial crisis on the economic growth are still influencing the global economy.

According to Putin, Moscow supports the Chinese G20 presidency priorities to stimulate the global economy, mainly through the introduction of modern technologies.