St. Petersburg, Russia
Russian President Vladimir Putin on Sunday criticized international economic institutions for protecting the interests of a select few developed countries and called for a new global economic order that would give rapidly growing developing economies a bigger role."The world is indeed changing before our eyes. Countries that yesterday seemed hopelessly behind are today the fastest growing economies of the world," Putin told a gathering of business leaders and government officials at an economic forum in Russia's second-largest city of St. Petersburg.
"If, 50 years ago, 60 percent of the world's GDP came from G-7 countries, then today it is the other way around," he said.
Putin lamented that today's international economic organizations "look archaic, undemocratic and awkward" by protecting the interests mainly of developed economies.
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