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  • Russian Finance Minister Anton Siluanov

Anton Siluanov: Developed countries show successful economic growth rates

In an interview with Rossiya-24, Russian Finance Minister Anton Siluanov spoke about the main topics discussed in Washington D.C. at the Annual Meeting of the Board of Governors of the IMF and the World Bank Group.

Specifically, he noted that steady economic growth was a key discussion topic at the G20 Finance Ministers and Central Bank Governors' Meeting. In past years, the global economic growth rate has been declining. The countries have been looking for a growth recipe and more efficient ways to manage budget resources, attract international investments, and develop national currency corporate stock markets and so on. "A wide range of issues was discussed in the course of Russia's Presidency this year," he stressed.

These days, experts note that developed countries are experiencing quite successful economic growth rates. "How does this happen? In fact, there are a number of factors at play. Firstly, this is due to accurate cash liquidity management and the quantitative easing policy currently implemented by the countries issuing reserve currencies, which has brought about certain results," Anton Siluanov said. "Because when the lending rates slow down, cash liquidity may help, and this was where central banks acted very carefully and efficiently. On the one hand, this did not result in excessive inflation and excessive cash inflow. On the other hand, the economy was supplied with necessary funds."

The meeting participants also agreed that when there is trust in a government policy and when investors are willing to contribute to the financial market and tangible assets, the question arises which assets should be funded, which of them have lower risks and higher earning capacity?

"We can see that the European countries are slowly recovering, which is good news. It is particularly good for us because we have a high trade turnover with Europe. The growth rate is also quite good in the United States. Therefore, we hope that the countries with emerging markets will gradually recover from the recession of the past month," Anton Siluanov concluded.

The full video version of the interview you can find here (only Russian version)