Global turmoil led to a new reality - Kazakh President
SAINT PETERSBURG. KAZINFORM - The global turmoil unleased by the pandemic and growing geopolitical tensions led to a new reality, Kazakh President Kassym-Jomart Tokayev said during the 25th St.Petersburg International Economic Forum, Kazinform cites the press service of Akorda.
«Our meeting is taking place in the unique situation of increased political and economic turbulence. The global turmoil unleashed by the pandemic and growing geopolitical tensions led to a new reality. Globalization has been replaced by an era of regionalization with all its advantages and inherent weaknesses. One way or another, the process of reformating the traditional economic models and trade routes is accelerating. The world is changing rapidly. Unfortunately, not for the better for the most part. Inflation hits decade highs, the global economic growth slows down, and competition for investment and resources toughens,» said the Kazakh President.
According to him, climate change, increase in migration influxes, and technological change acceleration are major impediments to economic growth.
«All these processes are on our focus. Speaking of the new reality, it is important to take into account the rapidly changing structure of the world order and the changing vectors of East-West, North-South interaction, seemed to be steady. The countries in our region need to find not only the right answers to all these challenges but also benefit from them. Therefore, we should realize the whole potential of cooperation within the Eurasian Economic Union. The relevant task is to pair the Eurasian integration and China's concept «One Belt-One Road,» said Tokayev.