Vladimir Putin: We need a new long-term economic growth model
Speaking at the APEC CEO Summit in Indonesia, Vladimir Putin noted that growth rates are slowing or stagnating in the Asia-Pacific Region, which until recently had been the driving force of global economic growth. The Russian President believes the main culprit is accumulated global imbalances. "To restore balance, we need a new model of long-term economic growth," Vladimir Putin said. "It should focus on growing the real sector of the economy, creating innovative jobs and implementing structural reforms."
The President said that this issue was discussed in detail at the G20 Summit in St.Petersburg in September where Leaders agreed on the need for a mix of economic stimulus and fiscal consolidation. "This is a difficult and multidimensional challenge," Putin said. "However, the heads of G20 states and governments decided that this could be done. This goal is included in the St.Petersburg Action Plan."
In addition, the President said that it's important to provide investment sources and to distribute risk in a more equitable manner. "I believe," he said, "that in St.Petersburg we managed to agree on the basic principles of attracting institutional investors and strengthening the bond markets."
Vladimir Putin also said that the G20 Leaders focused on improving the tax system and agreed to join forces to combat tax evasion, including offshore schemes.