You're reading: Pinchuk: Modern world needs to revise development notion

Today, as never before, people, the state and the international community have to be fast, strong and smart to face effectively the global challenges that are appearing from all directions, Ukrainian businessman and public activist Victor Pinchuk said while opening the 8th Yalta Annual Meeting.

"We should revise the global order that we know [today]… The EU is experiencing great tension. The Arab world is changing radically and we can clearly see its direction. The American economic model is being revised. China and India are growing swiftly, but are their growth models stable? Environmental and nuclear disasters threaten our usual lifestyle. And modern communication technologies increase the speed of change," he said.

A press release of Yalta European Strategy (YES) reads that, according to Pinchuk, the idea of "tiger economies" should be revised.

"Today we need to raise a new breed of tiger, not just fast and strong, but also as sly as a fox and as wise as a snake," he said, and added that Ukraine, under the influence of global challenges and the domestic situation could become one of this new generation of tigers.

The 8th Yalta Annual Meeting "Ukraine and the World: Common Challenges, Common Future" is being held in the Livadia Palace in Yalta by Yalta European Strategy (YES) jointly with the Victor Pinchuk Foundation.