(VOVworld) – Russia officially began its Group of Eight, G8, presidency on January 1, 2014. Russia is fortunate that member economies have been showing signs of recovery, but Russia will face a challenge in persuading G8 members to reach a consensus on some serious international issues.
(photo: g8russia.ru) |
Russian officials said this year’s G8 agenda will focus on fighting terrorism and drug trafficking, and settling regional conflicts and disasters. Russia will work with other G8 countries to ensure sustainable economic growth.
Advantages in economic recovery, settling disputes
Russia takes the G8 presidency at a moment when there is a lot of positive news about economic situations in the US, Germany, France, and Britain. This creates a favorable climate for Russia to implement G8 tasks.
The US economic recovery in 2013 was stronger than previous estimates. The 3rd quarter growth rate reached the highest level in the last 2 years and GDP increased 4.1%. The unemployment rate in November fell to 7%, the lowest level in the last 5 years. This figure is vary between 6.5% and 6.7% in 2014.
Germany, the EU’s biggest economy, said the number of jobs increased drastically in 2013 to nearly 42 million. The unemployment rate fell 1.6% to around 2.3 million people. Germany’s economy is predicted to grow 1.7% this year.
France’s Central Bank and the National Institute of Statistics and Economic Studies forecasts France would maintain a growth rate between 0.4-0.5% in the 4th quarter of 2013. Economists said the UK would see a growth rate of 2.4% this year compared with last year’s 1.4%.
Regarding solutions to international issues, Alexei Pushkov, Head of the Foreign Affairs Committee of Russia's State Duma, said Russia assumes the G8 presidency with progresses on Iran and Syria. He underlined Russia’s responsibility to continue the positive trends begun in 2013.
Visible challenges
Russia said its G8 term will focus on the main challenges for G8 members - fighting terrorism and drug trafficking, and managing conflicts and disasters. Russia was shocked by two suicide bombings in the city Volgograd, which killed 30 people and injured scores more. Moscow officials are concerned that terrorist groups will accelerate violence from now until the Winter Olympics in Sochi. Russia will hold a G8 summit in Sochi in June.
Tensions between Russia and western countries sparked by Ukraine suspending its association agreement with the EU will have a significant impact on Russia’s G8 Presidency. The global economy also holds risks, given the EU’s austerity policy and Japan and China’s slow growth rate. The international community is awaiting Russia’s performance to see if it will validate its status in the global political arena.