Russia supports creation of new democratic model of global economic development: Putin

MOSCOW, Dec. 7 (Xinhua) -- Russia supports the establishment of a new "truly democratic" model of global economic development, Russian President Vladimir Putin said Thursday.

"The entire global system of economic relations is undergoing fundamental ... irreversible changes. This is because the previous model of globalization is being replaced by a multipolar model," Putin said at the plenary session of the 14th VTB "Russia Calling!" Investment Forum.

"We want to create a new model, a truly democratic one, where fair competition between all economic actors prevails," he said, adding that such a change in the global economic landscape and the emergence of new powers would be a "natural" and "objective" process.

The Russian leader also said that according to expert predictions, the current developments could potentially lead to a "revolution" that would ultimately challenge the monopoly of large Western banks.

He said the West has essentially destroyed the principles of market economy, and the financial infrastructure dominated by the U.S. dollar and the euro has been discredited.

"Russia's GDP grew by 3.2 percent this year over the course of 10 months," Putin said, adding that it is at a higher level than before the large-scale Western sanctions imposed against the country.

He said that by the end of the year, the GDP growth rate is expected to reach 3.5 percent.

"We have proven that we are capable of tackling some of the most complex challenges," Putin said.

The president further pointed out that despite all the external pressure, the number of foreign companies operating in Russia had increased since March 2022, adding that Russia will remain open to working with anyone.

The 14th VTB "Russia Calling!" Investment Forum is being held on Dec. 7 and 8 in Moscow. The main theme of the event is "Making Deglobalization: Uniting Sovereign Economies."

The forum brings together representatives of government agencies, heads of Russian and international companies, and investors. The agenda of the forum covers the most pressing issues of the global economy, finance and business sectors.

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