Putin compares covid-induced economic crisis to great depression

Russian President Vladimir Putin also praised the US for its contribution to the world economic recovery during his economic speech and added that mass unemployment and poverty remain major issues for the world.
The Russian President called for equal access to Covid-19 vaccines in his address at the G-20 summit.(Reuters)
The Russian President called for equal access to Covid-19 vaccines in his address at the G-20 summit.(Reuters)
Published on Nov 22, 2020 12:13 AM IST
Copy Link
Moscow | ByAsian News International | Posted by Srivatsan K C

Russian President Vladimir Putin on Saturday at the G20 summit called the economic crisis caused by the ongoing Covid-19 pandemic ‘a major world crisis’ since the Great Depression.

“The scale of the challenges that humanity faces in 2020 is truly unprecedented. The coronavirus epidemic, global lockdown and freezing of economic activity have triggered a systemic economic crisis that the modern world has probably not known since the Great Depression,” Putin said at the summit as quoted by Sputnik.

Putin further praised the US for its contribution to the world economic recovery during his economic speech and added that mass unemployment and poverty remain major issues for the world.

“US President [Donald Trump] just spoke about the efforts of the United States, indeed, this is a very big contribution to the restoration of the US economy and, therefore, to the restoration of the world economy,” Putin said.

He added, “The main risk, of course, remains ... despite some positive signals, the main risk will still remain massive long-term, so-called stagnant mass unemployment. With the subsequent growth of poverty and social disorder.”

The Russian President further called for equal access to Covid-19 vaccines. “Russia supports the key project considered by the current summit, which aims to make efficient and safe vaccines accessible for everyone. There is no doubt that immunizing drugs should be common public property.

He added, “And our country, Russia, of course, is ready to provide the vaccines developed by our scientists to those in need.”

SHARE THIS ARTICLE ON
Close Story
QUICKREADS

Less time to read?

Try Quickreads

  • An Air Canada plane is seen in the air after departing from Pearson International Airport in Toronto, Ontario, Canada, on Monday. (REUTERS)

    India’s missions in Canada reach out to students after spate of incidents

    India's missions in Canada are enhancing their outreach to students from India as their numbers balloon along with a spate of incidents, including accidents, suicides, even murders. The latest such tragedy was reported on Sunday, when Peel Regional Police found the body of 20-year-old Navkiran Singh from Moga district in Punjab drowned in the Credit Valley River in Brampton in the Greater Toronto Area. No cause has yet been attributed for the death.

  • Sri Lankan President Gotabaya Rajapaksa.

    Sri Lankan Parl defeats no-confidence motion by Oppn against President Gotabaya

    A no-confidence motion tabled by the Opposition against Sri Lankan President Gotabaya Rajapaksa was defeated in Parliament on Tuesday, media reports said. The motion by Opposition Tamil National Alliance MP M A Sumanthiran to suspend Parliament's standing orders in order to debate an expression of displeasure over President Rajapaksa was defeated with 119 MPs voting against it, the Economy Next newspaper reported. Only 68 MPs voted in favour of the motion, it said.

  • Experts say that India’s decision, coupled with the Ukraine war will create a serious problem globally.

    US envoy urges India to ‘reconsider’ wheat export ban: ‘Will worsen...’

    The United States hopes “India would reconsider” its decision to ban wheat exports which “will make the current global food shortage even worse”, an envoy said on Monday amid concerns with no end in sight for the Ukraine war. Agriculture ministers from the Group of Seven nations on Saturday also emphasised that India's decision to ban wheat exports would worsen the global food shortage.

  • Flags flutter in the wind outside Nato headquarters in Brussels, Belgium. (AP)

    Canada to quickly ratify membership of Finland, Sweden in Nato: Melanie Joly

    Canada will quickly ratify the membership of Finland and Sweden in the North Atlantic Treaty Organisation (Nato), as and when it has been approved. Speaking to reporters during the course of a teleconference from Brussels, Canada's Minister of Foreign Affairs Melanie Joly said such ratification has support from across party lines in Canada.

  • A market shelled by Russia in Chenihiv, on March 30. (AP Photo/Vladislav Savenok)

    Russia was prepared to use artillery against inhabited areas in Chernihiv: UK

    The United Kingdom on Tuesday accused Russia of being prepared for artillery use against inhabited civilian areas in Chernihiv, to the north of Ukraine's Capital, Kyiv, pointing to what it said was the 'scale of damage' to residential buildings caused by Moscow's troops in the region. The UK also projected that Moscow, in a bid to regain momentum in its advance in the Donbas area, would keep relying 'heavily' on massed artillery strikes.

SHARE
Story Saved
×
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, May 17, 2022