Ex-Minister of Finance Zadornov announced the first economic crisis since 2008
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Former Russian Finance Minister Mikhail Zadornov said the world economy is in a crisis that hasn’t happened since 2008, “almost 15 years.” “In itself, this period has accumulated huge imbalances,” Zadornov told RIA Novosti.
“Is the world economy in crisis right now? Undoubtedly. Although at the beginning of the year there were doubts, primarily in the American market and Europeans, that the crisis could be avoided this year: economic growth was near zero, but it was still positive,” he said.
Among the reasons for what is happening, Zadornov named trade wars and protectionism, Western sanctions against Russia, as well as an “unprecedented period of zero interest rates” in the United States and Europe.
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