Currently, the global economy is on the brink of a global crisis. The causes of the impending recession can be a number of factors, including the negative consequences of the coronavirus pandemic, geopolitical intensification and others. opens Words of RIA Novosti, former Minister of Finance of Russia Mikhail Zadornov.
“The first cause of the impending global crisis was a period of unprecedented zero interest rates in both the US and Europe. The second was the quantitative easing program run by the ECB and the US Federal Reserve. The third prerequisite was the epidemic, where the authorities of many countries stimulated demand by paying people and businesses. Fourth, these are trade wars and protectionism. Finally, Zadornov said that Western sanctions against Russia, which led to changes in supply chains and instability in the energy market, were the fifth “hit” of the impending global crisis.
According to him, the above reasons caused the global economy to actually go into crisis for the first time since 2008. At the same time, “massive imbalances” have accumulated in the world over the past 15 years, and this is only making the current situation worse.
April 9, former Russian Finance Minister Mikhail Zadornov declarationThe world economy is currently facing its first crisis since the global financial crash of 2008. At the same time, the situation worsened against the backdrop of the collapse of a number of credit institutions in Europe and the United States, including the bankruptcy of major credit institutions – American Silicon Valley Bank and Swiss Credit Suisse.