Economist Grigoriev announced the inevitability of a global recession
The global recession is inevitable, and we are already approaching it, said Vladimir Grigoriev, candidate of economic sciences, financial expert. He called the reasons for the impending slowdown in economic growth in an interview with Lenta.ru.
The inevitability of a recession is associated with a combination of factors, the economist is convinced. First, there is the fact that more goods are produced than are consumed. This leads to the depreciation of money.
“These low rates, which were kept for a very long time in Western Europe and the USA, were due to the fact that financial institutions were not interested in raising money, because there was nowhere to invest them. And the only reason for their increase, which has been happening over the past year, is an attempt to bring down inflation, which began to grow for the first time in many decades, ”added Grigoriev.
Secondly, it is worth considering the colossal military spending, which concerns not only Russia, but also a significant part of the world, the expert believes.
These costs, at least in the short term, are not recoverable. After achieving military goals, after some time, they can have an effect if new territories begin to give economic returns, but this will not be today, not tomorrow, and not even in a year.
The third factor that contributed, the economist called the coronavirus pandemic, which greatly disrupted the system of world economic relations. “It was a fairly strong blow that affected logistics, finances, and consumption – it affected a lot of things, and the world economy has not yet recovered from it,” he said.
The fourth important factor, the expert considered the change in relations for the worse between the key centers of power in the world. “This is not only Russia – the West, but also China – the United States, and the European Union is also trying, in general, in unison with the United States to oppose China. The combination of these factors, of course, leads to the inevitability of a recession,” Grigoriev summed up.
Earlier, the head of the Expert RA rating agency, Marina Chekurova, said that the global recession would be the main risk for the Russian economy.
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