Poverty Level in Russia Should Be Below 5% by 2036 - Putin
11 December 14:21
Novak called the "black swans" of the global economy at the SPIEF
13:30; 19 June 2025 year
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Tariff wars, local armed conflicts and a large number of sanctions pose new challenges to the global economy. They influence global economic growth and global trade chains. According to Alexander Novak, many international institutions have stopped functioning effectively. He named the World Trade Organization as one of them.
«Today, according to many experts, those, so to speak, triggers &black swans» uncertainty in the global economy reduce the growth potential. According to experts, tariff wars can reduce global economic growth by about 0.5% of global GDP, said the deputy chairman of the government of the Russian Federation.
At the plenary session, Novak spoke about the main countries driving the supply of goods to global markets. China and India have become them in recent decades. The countries of South Asia and Africa are also increasingly asserting themselves. They have a high birth rate and still a low level of urbanization. This incentive will catch up with the economic growth of these countries and will change the landscape of the global economy in the coming decades. According to Novak, growth will be concentrated in the BRICS countries, not in Europe or North America. The share of BRICS countries in the global economy has grown from 22% to 36% in two decades. The growth was more than 50%.
