Protectionism is becoming a rule at an international level as the potential of previous economic development models seems to have been exhausted, Russian President Vladimir Putin said during a speech at the official opening ceremony of the One Zone, One Road in Beijing initiative.
"The risks of fragmentation of the global economic and technological field are becoming increasingly apparent. Protectionism is becoming a rule, unilateral, unlawful restrictions, such as sales and the spread of technology, is an indirect event, "Putin said.
According to the Russian president, economic models of the 20th century are currently in crisis. "Many previous models and economic growth factors have now been almost exhausted. The notion of welfare state, created in the 20th century, is also in crisis. Today, not only is there a failure to ensure a sustainable development of welfare, but in some cases even to remain at the level it retains. " For Putin, the ideas of open economies and free trade are being rejected more and more frequently today, "sometimes from their recent supporters".
"The imbalance in socio-economic development and the crisis of the previous globalization model have negative consequences for transnational relations and global security," the Russian president added.
"We will not be able to face these challenges unless we can overcome the stagnation of global economic development," Putin warned. "We must also keep in mind the threats posed by regional conflicts and areas where there are conflicts that last for decades and persist in many parts of Eurasia," the Russian president added.
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