Printing US dollar affects global economy, Putin warns

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Russian President Vladimir Putin attends a meeting with local officials in St. Petersburg, Russia, Monday, July 26, 2021.
Russian President Vladimir Putin attends a meeting with local officials in St. Petersburg, Russia, Monday, July 26, 2021.

Printing the dollar to cover the United States’ budget deficit affects the entire global economy, Russian President Vladimir Putin said on Tuesday.

Speaking at a meeting on economic issues, Putin pointed out that the U.S. government has been drafting the budget with a 15% deficit for two years, covering it by printing more dollars, which, in turn, has affected the global economy, as the U.S. dollar is the largest, most popular reserve currency.

As for the Russian economy, it is rapidly recovering from the consequences of the COVID-19 pandemic; however, the inflation rate is higher than expected.

He called on the government and the Central Bank to take all necessary steps and work in a “coordinated, verified and balanced” manner to counter existing risks.

Since December 2019, the world has been fighting the global coronavirus pandemic, which apart from taking millions of lives has severely damaged the global economy.

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