Global economy needs new development paradigmsPresident of Kazakhstan Kassym-Jomart Tokayev has said that the global economy needs new development paradigms, and failure to solve this problem may lead to missed opportunities in the next decade."As we are approaching the middle of the decade, it is becoming more and more obvious that the global GDP growth rates will be the lowest in the last 30 years. One of the serious challenges that the global economy faces today is ongoing tension in trade relations between the leading countries. Protectionism and escalating trade disputes disrupt global supply chains, hold back economic growth and erode the investors’ confidence. It is clear that the global economy needs new development paradigms. Failure to solve this problem may result in missed opportunities in the next decade," Tokayev said on Thursday at a plenary session of the Boao Forum for Asia (BFA), which he attended as a special guest, according a statement released by the presidential press service.The Asian region is the leader in the movement towards a new era of sustainable development, according to Tokayev."Asia’s contribution to global GDP growth this year is expected to account for 60%. As much as 53% of global trade is conducted on the continent, which houses some of the world's largest and most dynamic economies. Foreign direct investment in Asia has grown significantly in recent years. The global leading technology centers are also based in this region, which generally takes out 70% of the patents issued in the world. The continent owns significant human resources, with 21 of the world's 30 largest cities being located in Asia. Consumption by the middles class is anticipated to increase by $30 trillion by 2030, and the Western economies are expected to absorb only $1 trillion of this amount. All factors taken together, point to the so-called Asian Renaissance,” the Kazakh president said. (ICE ALMATY)

Fonte notizia: INTERFAX