Global economy needs new development paradigms - Tokayev

The Head of State spoke at the plenary session of the Boao Forum for Asia, El.kz reports citing Akorda.

Kassym-Jomart Tokayev took part in the opening ceremony of the plenary session of the Boao Forum for Asia (BAF), held annually in the Chinese province of Hainan.

This year, the 23rd edition of the forum is held under the motto "Asia and the World: Common Challenges, Shared Responsibility".

Welcoming the participants of the event, Kazakh President noted the important role of this platform as a center for dialogue and international cooperation against the backdrop of unprecedented global uncertainty fueled by geopolitical turbulence and economic turmoil.

"By the middle of the decade, it is increasingly clear that global GDP growth will be the lowest in 30 years. Tensions in trade relations between leading countries continue to be one of the serious challenges facing the world economy.

Protectionism and escalating trade disputes are disrupting global supply chains, holding back economic growth, and undermining investor confidence. It is obvious that the global economy needs new development paradigms. Failure to solve this problem may result in missed opportunities in the next decade," Kassym-Jomart Tokayev said.

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