Russian President Vladimir Putin delivers his annual state of the nation address in Moscow on February 20, 2019. (

Russian President Vladimir Putin believes the global economic model is in a state of crisis.

Speaking at the plenary session of the St. Petersburg International Economic Forum (SPIEF) on Friday, Putin highlighted the imbalance across the world and called on international institutions like the G-20 and United Nations to fix it.

"The current model of economic relations is unfortunately in crisis mode and this crisis is of a comprehensive nature," Putin said.

"Problems here have been accumulating over the recent decades and these issues are of a far greater scale and magnitude than we thought before," Putin said. This according to a translated version of his speech.

The plenary included Chinese President Xi Jinping, Bulgarian President Rumen Radev, Armenian President Nikol Pashinyan, Slovakian President Peter Pellegrini and Secretary-General of the United Nations Antonio Guterres.

"What are the sources of this crisis?," Putin asked the audience.

"I believe the main reason is that the globalization model which was put forth at the end of the 20th century is less and less relevant to the emerging new economic reality," he said.