MSM: Russia Will Lead Effort to Found `New World Economic Order,’ Medvedev Says

(Bloomberg) – Russia will help lead efforts to recast the global economic hierarchy as the world emerges from the financial crisis, President Dmitry Medvedev said.

“We really live at a unique time, and we should use it to build a modern, prosperous and strong Russia, a Russia that will be a co-founder of the new world economic order,” Medvedev said at the annual St. Petersburg International Economic Forum today.

Russia will use tax incentives and other free-market economic policies to turn the country into a destination for innovators from around the world, Medvedev told an audience including Citigroup Inc. Chief Executive Officer Vikram Pandit and French Economy Minister Christine Lagarde.

Medvedev, in the third year of his presidency, is promoting modernization to transform Russia from an oil-and-gas economy into a magnet for high technology. Russia’s reliance on natural resources exacerbated the steepest contraction among emerging markets last year, when the economy shrank a record 7.9 percent. Full article here

MSM: G-7 finance ministers warn recovery ‘fragile’

(Google) – Finance ministers from the Group of Seven rich countries warned the recovery remains “fragile” and tried to talk up the U.S. dollar amid fears it could fall farther and disrupt the global economy. Continue reading