Putin compares nature of COVID-induced global economic crisis to Great Depression

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Putin compares nature of COVID-induced global economic crisis to Great Depression

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.” (ANI)

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