MOSCOW (Pakistan Point News / Sputnik - 27th January, 2021) Globalization has resulted in a significant increase in profits of large companies in the United States and Europe, Russian President Vladimir Putin said on Wednesday, pointing to a significant income gap between developed countries and the developing economies.
"Globalization and domestic growth have resulted in a boost in developing countries. More than a billion people have been lifted out of poverty ... But the main question, the answer to which gives mush insight to the current problems, is what was the nature of this global growth? Who benefited most from it? Undoubtedly, developing countries gained much benefit from it using the growing demand for their traditional and new products ... However, [globalization also resulted in] in social costs, including a significant income gap of the population ... Globalization resulted in a substantial increase in the profits of large multinational companies, primarily American and European ones," Putin told the World Economic Forum.
