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SPEECHES, INTERVIEWS, ARTICLES

30.01.2014

Growth, inequality are key challenges for global economy (by Alexander Yakovenko, Russian Ambassador to UK, for Russia Today)

In 2013 world leaders took a number of important policy decisions and practical steps that helped to tackle key risks, improve situation in the financial markets and sustain the recovery of the international economy.

We see signs of growth in the US, and Japan and the UK are also picking up. Some economic optimism is connected with the EU. While growth has continued in emerging markets, it has slowed down in some of them, not least because of commodity price volatility. Global economic prospects for 2013 have been marked down and up repeatedly over the last year, global rebalancing is incomplete, regional growth disparities are still strong, and unemployment, particularly among young people, remains too high. Despite all global efforts, the recovery is still weak. There is a strong evidence of decoupling between growth and living standards in the developed economies.

Important international economic challenges, as the G20 leaders pointed out in the St. Petersburg Action Plan (September 2013), include the rising volatility of international capital flows, expectations of eventual monetary policy recalibration in advanced economies and insufficient levels of private investment in many countries.

I would like to note some other challenges, which could also present considerable obstacles to global economic recovery: income inequality, deflation risks and loss of productivity.

The gap between the rich and poor was one of the focal topics at last week\\\\\\\'s Davos World Economic Forum (WEF). As the IMF Managing Director Christine Lagarde fairly put it: \\\\\\\"Business and political leaders at the WEF should remember that in far too many countries the benefits of growth are being enjoyed by far too few people. This is not a recipe for stability and sustainability\\\\\\\". Figures from 2013 show a decline in productivity in both rich and poor countries. As we all know, efficiency is crucial for long-term economic growth, and ultimately for lowering income inequality.

Were the negative trend in productivity to continue, the consequences for living standards would be gloomy.

The situation is further affected by a gap between GDP and income growth. They no longer seem to be linked to each other, breaching the post-WWII social contract.

Last, but not the least, in 2013 most advanced economies – the US, Japan and the eurozone – had inflation rates well below the targets set by their central banks. Some experts stress that the current situation could potentially lead to further deceleration of consumer prices in developed countries, and therefore to long-term deflation with a negative by-effect on the world economic growth.

Russia, as the G20 chair in 2013, tried to do its best to contribute to the international efforts aimed at making the global economy more efficient, transparent and sustainable. The outcome of this work is the St. Petersburg Action Plan, designed to boost economic activity and job creation, support the recovery and address near-term risks to the economic outlook, while strengthening the foundations for strong, sustainable and balanced growth through ambitious and well-targeted reforms.

Russia strongly believes that joint and coordinated actions are the most effective way to move the world economy forward. In this regard it is hard to exaggerate the importance of the G20 as a forum for open and engaged dialogue about all the economic challenges we face.




LATEST EVENTS

17.01.2018 - Ambassador Alexander Yakovenko's remarks at the unveiling of memorial plaque in Sayes Court Park

Dear Mayor, Dear Councillors, Lady Joan, Ladies and gentlemen, It is now 320 years ago that a truly remarkable man set foot in Deptford. As you know, the Russian Tsar Peter, later named the Great, visited Western Europe in 1697—1698 under the nickname of Peter Mikhailov, with his Grand Embassy. He was eager to find out about the latest achievements in science and technology and create new diplomatic alliances. Of course, England couldn’t escape his attention. He mostly studied shipbuilding at the famous Deptford Dockyard, but he also met King William III, and, reportedly, Isaac Newton. Peter’s landlord, the famous John Evelyn, was also a respected scientist – a founder member of the Royal Society.


13.12.2017 - Ambassador Alexander Yakovenko's remarks at the Presentation of the 2018 FIFA World Cup Russia by Russia 2018 Local Organising Committee.

Ladies and gentlemen, dear friends, I am pleased to welcome you to the Russian Embassy at the Presentation of the 2018 FIFA World Cup Russia by Russia 2018 Local Organising Committee. It’s a common knowledge, that football is the most popular game in the world. It is an honour for us to host the 2018 FIFA World Cup for the first time in the history of our country. I believe that those who come to Russia to support their national teams will leave with unforgettable memories.


08.12.2017 - Ambassador Alexander Yakovenko's remarks at the Roscosmos "Sputnik" exhibition launch at Rossotrudnichestvo

Ambassador Alexander Yakovenko's remarks at the Roscosmos "Sputnik" exhibition launch at Rossotrudnichestvo (7 December 2017)


25.11.2017 - Ambassador Alexander Yakovenko's remarks at the reception at the Embassy dedicated to Russian Film Week (24 November 2017)

Ladies and gentlemen, Dear friends First of all, I would like to pay tribute to the outstanding Russian opera singer Dmitri Hvorostovsky who passed away this week. In 2015 he gave a concert in this very hall. I am delighted to welcome you at our reception dedicated to the Russian Film Week and the environmental causes it champions. This year their charity partner is World Wide Fund for Nature, which runs many projects in Russia in coordination and with support of the Russian Government. Russia has a unique, fascinating wildlife. A number of this week’s films show the natural beauty of our land and are sure to raise awareness of how fragile this beauty is. We appreciate the WWF effort in Russia and worldwide and call on everybody to become a supporter, especially this year, marked as Year of Ecology in Russia.


20.11.2017 - Ambassador Alexander Yakovenko's remarks at the launch of the Russian Film Week (19 November 2017)

Ladies and gentlemen, It is a pleasure for me to be at the opening of the second edition of the Russian Film Week here in London – which this year also spans to Cambridge and Edinburgh.


16.10.2017 - Unpublished letter to the Editor of The Times (sent 12 October)

Sir, If British MPs are free to speak out, wherever they wish, on any issue, why try to block their freedom of speech (“Helping Putin”, 11 October)? If a TV channel wants (and is legally bound) to present different points of view, why slam those who express these views? If the mere act of giving an interview to foreign media amounts to high treason, why does The Times interview Russian politicians without fear? And finally - while MPs critical of Russia are welcome guests on the Russian TV channel RT, does your paper give the same treatment to those critical of the paper’s owner? Konstantin Shlykov Press Secretary of the Embassy of the Russian Federation


25.09.2017 - PRESENTATION by Metropolitan Hilarion of Volokolamsk at the Christian Future of Europe Conference 22 September 2017, London

Your Eminences and Your Excellencies, dear Mr. Ambassador, conference organizers and participants, I cordially greet all of those gathered today at the Russian Embassy in London to partake in this conference dedicated to the question of the future of Christianity in Europe. This topic is not only not losing any of its relevance, but is resounding ever anew. Experts believe that today Christianity remains not only the most persecuted religious community on the planet, but is also encountering fresh challenges which touch upon the moral foundations of peoples' lives, their faith and their values. Recent decades have seen a transformation in the religious and ethnic landscape of Europe.


23.09.2017 - Ambassador Alexander Yakovenko's remarks at presentation of the book "The Mystery of Repentance" held at the Russian Embassy

I’m glad to welcome you here to a discussion of two prominent hierarchs of the Russian Orthodox Church and the Church of England, on Christian future of Europe.


12.09.2017 - Ambassador Alexander Yakovenko's remarks at the exhibition opening (“Scythians: Warriors of ancient Siberia” 12 September, British Museum)

Today the British Museum and the State Hermitage of Saint-Petersburg are once again proving their unique world class by bringing a whole new civilization to London. Ancient, and almost mythical, but creative, powerful and very different from what we have all known about antiquity – the Scythians.


14.07.2017 - Letter of Consul General Mr Andrey Pritsepov to the Herald newspaper, published 13.07.2017

I NOTE a rather questionable article by Mark McLaughlin (“Russians lurking near Faslane to eavesdrop on nuclear submarines", The Herald, July 11). Do you really believe that 145 million Russians would elect a leader who would command his nuclear submarines to chase someone's sole and lonely operative U-boat which is firing missiles in the opposite direction or Type 45 destroyers with faulty engines or an aircraft carrier without aircraft on it, all of them being located in Scottish waters?



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