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ST. PETERSBURG, Russia, Jun. 1 (Xinhua) -- The 21st St. Petersburg International Economic Forum (SPIEF 2017) opened here Thursday as participants called for a fairer distribution of globalization's benefits.
Under the theme "In search of a new balance in the global economy", the forum is expected to attract a total of 12,000 attendees from across the world, including heads of states and governments, business leaders and experts.
Russian President Vladimir Putin said that the world economy is beginning to show signs of having overcome the recession, but it is also facing certain challenges and risks.
"The major changes taking place today require the world to take effective measures to improve international governance so as to achieve a fairer distribution of globalization's benefits for all populations, thereby ensuring sustainable and balanced development." Putin said.
During the opening ceremony, Antonio Guterres, Secretary-General of the United Nations, also said that globalization and technology have expanded the wealth gap.
"An upturn in the global economy does not solve all problems. Fragility is everywhere. Population growth, rapid urbanization, food insecurity, water scarcity, and above all climate change... These global trends are weighing on the fragilities and linked to conflicts in the world." he noted.
That is why it is important to urge reforms in all sectors and find solutions to make globalization more fair, he added.
Various discussions on the global economy, scientific and technological research and development, Russia's economy and the world's economic prospects will be held during the the three-day forum.
A string of contracts and agreements covering a wide-ranging sectors are expected to be signed during the forum, which Putin said will help expand international cooperation.
Founded in 1997, the SPIEF is an international platform to discuss key economic issues facing Russia, developing countries and the world at large.