icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
17 Jun, 2022 15:52

Moscow identifies cause of global economic woes

The Russian president says loose fiscal policy is the real cause of inflation, not the conflict in Ukraine
Moscow identifies cause of global economic woes

Russian President Vladimir Putin has accused Western nations of damaging their own economies through money printing while wrongly blaming their problems on the Ukraine conflict.

“The latest price hikes, inflation, problems with food and fuel, gasoline, problems in the energy sector are the result of systemic mistakes in the economic policy of the current US administration and the European bureaucracy,” Putin said on Friday at a plenary session of the St. Petersburg International Economic Forum (SPIEF).

Putin said years of quantitative easing have expanded the money supply in the US and Eurozone by 38% and 20%, respectively.

He accused Western nations of using those vast amounts of newly printed cash to buy up global goods, noting that US imports of agricultural produce soared 40% from $250 billion in 2019 to $350 billion this year.

The president also urged the West to stop blaming their inflationary woes on Russia and its military operation in Ukraine, and to change policy course.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
23:13
0:00
25:0