Putin warns of risks that financial crisis will recur

RIA Novosti
Thu, 05 Sep 2013 16:56 UTC

© Photo host agency/ Alexei Kudenko

Putin Warns of Risks That Financial Crisis Will Recur

Russian President Vladimir Putin said Thursday that the global economy had not yet returned to sustained and balanced growth, and that systemic risks for a recurrence of the crisis remained.

Addressing the first working session of this year's G20 summit, he said that although the US economy was growing, it was not growing fast enough, and there were no guarantees that Japan's economic growth had become a stable trend.

The situation in the euro zone is "disturbing, due to the ongoing recession," Putin said, adding that a 0.6 percent economic decline is expected this year.

He said he was also concerned by a lack of financial resources in Europe's goods-and-services economy and by declining growth rates in emerging markets.

The Group of 20 major economies should strike an optimal balance between fiscal consolidation and stimulation of growth, Putin said, adding that the summit is to approve a plan of action to ensure growth and create new jobs.