St. Petersburg International Economic Forum (SPIEF) 2024: Marking the Rise of the Global South Century and Decline of Western Economies
This year, SPIEF’s theme was “The Foundations of a Multipolar World – The Formation of New Areas of Growth.”
The St. Petersburg International Economic Forum, an annual event bringing together global leaders, policymakers, and influential business figures, took place in St. Petersburg, Russia from June 5th to 8th, 2024. Attendees representing 130 countries and roughly 3 billion people worldwide attended. This year, SPIEF’s theme was “The Foundations of a Multipolar World – The Formation of New Areas of Growth.”
Foreign companies are eager to access the Russian market’s potential, despite Western sanctions aimed at isolating Moscow.
Deals involve firms from Europe, Asia, and the Middle East, suggesting a pragmatic approach prioritizing commercial interests over politics and avoiding missed opportunities in Russia. The diversity of participants indicates many businesses recognize the risks of being left out of this lucrative market.
What should be a wakeup call for the global West is instead falling on deaf ears. While Washington and European capitals report declining economies, Russia, in spite of severe sanctions, continues to adapt and flourish.
Policymakers are not testing their countries’ long-term economic policies against the implications of the rise of multipolarism. Let’s consider the Green/degrowth policies favored by the Biden administration and former European economic powerhouses like Germany. They are not protecting the future of their people.
SPIEF 2024 introduced concepts the Global South Century will move forward on driving the world economy while the American and European economies recede. Russia is positioning itself as a leader.
What Is the Global South?
“Take the 3.5 billion population of China, India, and the ASEAN countries, for example.
In 2000, only 150 million of these people enjoyed middle-class living standards. Today, the number has exploded to around 1.5 billion, double the total population of Western countries. And it is predicted to grow to 3 billion by 2030.”
…click on the above link to read the rest of the article…
