Russian President Dmitry Medvedev said it is two early to talk about the end of the world financial crisis. Speaking at the ceremony to open the Petersburg economic forum on Friday, he noted that this particular forum has special significance, Itar-Tass reports.
"It is taking place amidst one of the most dramatic periods of the modern economic history, and the weather has let us down, too. According to the estimates by a majority of experts, we're at the peak of the global crisis, in the middle of the deepest recession in the past decades," the head of state said.
"In the past few weeks in the runup to the forum, the major financial markets rallied, which prompted the statements that the worst of the crisis had passed and that an upturn had begun. In my opinion, it is premature to open champagne: one of the economists had aptly remarked that "a financial crisis is a perennial and resilient plant.
"It is popular now to speculate which letter the dynamics of the world economy resembles at present. Some mentioned L, V, U, or W. But figures are more important than letters. The volume of problems is measured by trillions, regardless of what currency we take. And these trillions will have to be spent.
"Everybody will have to spend," he underlined.