Russian Prime Minister Dmitry Medvedev called the implications of the global financial crisis of 2008 for the modern economy. He spoke about this at the Business Summit of the Asia-Pacific Economic Cooperation (APEC) on Saturday, November 17, reports Interfax.
According to him, the global economy has recovered sufficiently over the past decade, many of the system errors that led to it have been corrected. “The changes affected both financial markets and public debt management. We all did it, and in Russia, too. Large banks have revised their high-risk asset policies, ”he noted.
On the other hand, the recovery is not active enough. “The recovery of the economy is still slow and unstable. Unfortunately, in a number of positions we are today looking worse than 10 years ago, ”the prime minister admitted.
He noted that total global debt has increased significantly, and emerging markets have become more vulnerable. He also drew attention to the fact that monetary policy became more rigid and most countries did not reach the planned GDP growth rates.
In October, Medvedev pointed out that the world economy has become much worse than in the crisis year of 2008. He stressed that “in something we look worse than it was 10 years ago.” The Prime Minister called the trade wars the worst phenomenon of the modern economy. In November, he called on countries to jointly oppose trade protectionism, which he called the basic principle of the modern economy.