Economist says world economy in first crisis in 15 years
The world economy is already in crisis for the first time since 2008, with enormous imbalances accumulated over this period. Economist and former Russian Finance Minister Mikhail Zadornov said in an interview with RIA Novosti.
"There has not been a global crisis since 2008 - almost 15 years. By itself, this period has accumulated huge imbalances," he said.
According to him, even at the beginning of the year there were doubts, primarily in the US and European markets, that a crisis could be avoided this year, as economic growth was around zero, but it was still positive.
However, the situation changed in early March on the back of bank failures in the US and Europe, when it became apparent that a number of assets were depreciating, Zadornov pointed out.
He recalled that a crisis is characterised by the removal of accumulated imbalances in the structure of the global or national economy, which results in a new asset structure and new values, and calms capital markets.
Earlier, the International Monetary Fund (IMF) warned of the weakest global economic growth outlook for the next five years in more than three decades. According to IMF Managing Director Kristalina Georgieva, the global economy will grow by about three per cent over the next five years, with high interest rates as a constraint.