Putin: The returns to material globalization were only for 1% of the world’s population

Russian President Vladimir Putin has declared that globalization has primarily enriched large American and European companies, amid increasing poverty for most of the world’s population.

In a speech delivered today, Wednesday, via video conference mechanism, within the framework of the World Economic Forum in Davos, President Putin said that from 2000 to 2016, “globalization led to a remarkable growth in the profits of large transcontinental companies, primarily American and European companies.”

Putin stated that only 1% of the world’s population reaped the benefits from this reality, at a time when the incomes of more than 50% of the citizens of developed countries have stagnated over the last three decades, while the costs of education and medical services have increased threefold during the same period.

The Russian president pointed out that “millions of people, even in rich countries, have stopped seeing prospects for increasing their incomes, although they still face problems in maintaining their health and ensuring the education of their children.”

Source: Novosti