By Bernama,
Moscow : Russian President Dmitry Medvedev said on Saturday that Russia wishes to take part in forming new rules of game in the world economy, the Itar-Tass news agency reported.
“Russia is a global player today. Understanding our responsibility for the fate of the world, we wish to participate in forming new rules of game, not because of the notorious imperial ambitions, but because we have official opportunities and resources here,” Medvedev told the opening of the St. Petersburg economic forum.
The president also said the role the United States has played in the world economy does not correspond to its true capabilities, describing this as one of the key reasons behind the current global financial crisis.
He said the gap between the U.S. leading role in the global economic system and its real abilities was one of the key reasons for the current world financial crisis.
“No matter how huge the American market is, or how reliable the American financial system is, they are unable to substitute global commodity and financial markets,” the state media quoted him as saying.
In his view, the current economic crisis may yet become the worst in history.
“The year 2007 turned out to be one of the most difficult years in the past decades, and if one gives credence to experts, the worst since the Great Depression of the 1930s,” he said.
“The rate of growth of the world economy has slowed down dramatically in general. According to some forecasts, the current crisis may be a recurrence of the worst crisis in the world history,” Medvedev said.
Moreover, the President said the growing economic nationalism of some countries is affecting world economic development.
Some countries were seeking to protect their economic sovereignty and gain maximum advantages for their citizens without sharing these benefits with their neighbors, he said.
“I don’t think that such a strategy is the best solution to all problems in the current crisis,” Medvedev said.
In particular, he cited the decision by some governments to take protectionist measures in the agricultural sector in response to a rapid growth in world food prices.
Rising food prices have been blamed on a number of factors, including growing food demands and a hike in oil prices, which has pushed up fertilizer costs and transportation rates, according to the President.
Medvedev said an overall growth in global prices, especially for fuel, was due to investors’ disappointment in the United States as an investment for savings and urged the creation of new liquid investment instruments.