Translation. Region: Russian Federal
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Deputy Prime Minister Alexander Novak took part in the opening session of the St. Petersburg International Economic Forum.
The Minister of Energy of the Kingdom of Saudi Arabia Abdulaziz bin Salman Al Saud, the President of the New Development Bank of BRICS Dilma Rousseff, the President and Secretary General of the Organization of the Black Sea Economic Cooperation Lazar Comanescu, and the Deputy Prime Minister of Vietnam Nguyen Chi Dung also shared their vision of the development of the global economy and the prospects for international cooperation.
Alexander Novak noted that the main vector of development of the global economy in the next decade will be concentrated in countries where the birth rate is growing today and which are gaining new positions in global markets.
“The modern world has entered an era of fundamental changes. We are witnessing a global transformation in terms of economic development. Large countries of Southeast Asia such as China and India have become global participants in the world market in recent decades, the main drivers of demand and supply of goods to global world markets. Countries of South Asia and Africa are increasingly asserting themselves. They have a high birth rate and a still low level of urbanization. And this is the potential that will change the landscape of the global economy in the next decade. Growth will no longer be concentrated in the countries of Europe and North America, which are gradually losing their positions in the global economy, but in the BRICS countries and states that want to join the association,” said Alexander Novak. He added that since the 2000s, the share of the BRICS countries in the world economy was 22%, and today it has increased to 36%, which means growth of more than 50%. At the same time, the share of the G7 countries has decreased from 45% to 30% over the same period.
Minister of Energy of the Kingdom of Saudi Arabia Abdulaziz bin Salman Al Saud spoke about the main mechanism for achieving balance in the global oil market. “The OPEC deal has proven itself to be an effective tool. OPEC has managed to achieve tremendous success in ensuring market stability and has become, in fact, the central regulator of oil markets,” Abdulaziz bin Salman Al Saud noted.
He also emphasized that the governments of Saudi Arabia and Russia are working to create favorable conditions for those wishing to invest in the economies of Saudi Arabia and the Russian Federation on the basis of various formats, including joint ventures. The Saudi Arabian authorities understand the situation and are willing to find ways to overcome existing restrictions.
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