How Did Putin Criticize Global Economy in His Virtual G20 Address?

Russian President Vladimir Putin delivered these remarks during his virtual address at the G20 meeting hosted by India, emphasizing the global economic stress caused by ill-considered macroeconomic policies.

President Putin attributed the global economic stress to ill-considered macroeconomic policies of certain states, stressing this view during his virtual address at the G20 meeting hosted by India.

He emphasized that this stress wasn't caused by Russia's actions to rectify the situation in Ukraine but by the actions of the world's major economies, triggered by vast injections of money into the economy in response to the pandemic.

Putin had skipped the in-person G20 summit in New Delhi earlier, citing a need to focus on the "special military operation" in Ukraine. His absence during the September summit coincided with Russia's invasion of Ukraine in February 2022, which disrupted global supply chains, threatened food security, and led to a significant spike in fuel prices.

Putin highlighted the resulting surge in global inflation and increased food and energy prices. 

Consequences and Criticism

Putin denounced unlawful trade restrictions and climate-focused agendas pursued by certain countries, attributing negative consequences to these actions. He criticized unfair competition tactics, including the disruption of transport and logistics chains and alleged acts of state terrorism, citing the explosion at the Nord Stream gas pipeline in the Baltic Sea as an example.

Call for Collective Decision-Making & Transforming Global Centers

He stressed the need for collective decisions based on consensus, emphasizing the emergence of new global and economic centers, particularly in Asian, African, and Latin American regions where the majority of the world's population resides. This radical transformation, according to Putin, necessitates inclusive decision-making reflecting both developed and developing countries.

Role of Developing Economies in International Institutions

Putin highlighted the necessity of amplifying the role of developing economies in international financial institutions such as the International Monetary Fund (IMF) and the World Bank. He urged the use of these organizations' resources for genuine development purposes rather than opportunistic political objectives.

Expressing readiness for collaborative efforts within the G20 and other international institutions, Putin highlighted the increasing influence of the BRICS association. He informed the gathering about Russia's commitment to addressing food security by sending grain shipments to Africa, reaffirming Russia's position as a top food exporter and its dedication to honoring commitments in this realm.