Zadornov named five reasons for the upcoming

global crisis, a period of low interest rates, "free money" from Western regulators and the covid pandemic,economist thinksMikhail ZadornovMikhail ZadornovMikhail ZadornovMikhail ZadornovMikhail Zadornov

The crisis situation in the global economy has developed since 2008, but over the past 15 years, huge economic imbalances have also accumulated, which will become the causes of a new crisis, Mikhail Zadornov, the former Minister of Finance of RUSSIA and the former HEAD of FC Otkritie, said in an interview with RIA Novosti. .

“Firstly, an unprecedented period of zero interest rates in both the US and Europe, that is, money, in fact, was worth nothing for more than ten years. Therefore, there was an illusion that you can borrow them at 1-2%, for example, for venture projects and expect that your ideas will pay off in ten years, ”said the economist.

Other reasons were the policy of Western regulators - the European Central Bank and the US Federal Reserve System (FRS), which "pumped the economy with free money," Zadornov believes, as well as the CORONAVIRUS pandemic, during which in many countries payments were made to the population and businesses to stimulate demand. Trade wars and protectionism between the US and CHINA have also taken their toll, signaling the world's transition from free trade to closing its own markets.

Zadornov noted that international sanctions against Russia, which led to the restructuring of supply chains and changes in the energy supply market, became the fifth "stroke" of the upcoming global crisis.

Zadornov was a minister under President Boris Yeltsin, he resigned in May 1999. Then, over the years, he was a State Duma deputy from Yabloko, president - chairman of the board of VTB 24 bank, member of the board of VTB bank and chairman of the board of FC Otkritie bank. The latter fell under the reorganization of the Central Bank and was sold to VTB.

Zadornov is under US and UK blocking sanctions.

In an interview with RBC, he said that he recommended "to study the life of Iran over the past 20 years from the point of view of understanding the dynamics of the sanctions regime against Russia." “We are looking at high energy prices in Europe. Our television says with sarcastic joy that the Europeans are freezing. I do not quite understand what is there to rejoice. In fact, we are losing the markets that we have been building since the days of the Soviet Union. it took 50 years to build a market, mutual economic ties that have been destroyed for several decades to come. Today we have lost these markets: the markets for the supply of equipment to us and the EXPORT of energy, timber, fertilizers to European countries,” the economist said.

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The International Monetary Fund (IMF) also warns of imminent risks for the global economy, noting that distrust and rivalry between the United States and China leads to “fragmentation of the world”, and this will harm global GDP growth. “Overall, a fragmented world is likely to be poorer. While there may be relative—and possibly absolute—benefits from relocation, such gains are subject to considerable uncertainty,” IMF analysts said.

According to the head of the fund, Kristalina Georgieva, 2023 will be "another difficult year" for the global economy due to monetary tightening and the conflict in Ukraine. “It just can't be that interest rates have risen this much after being low for so long and there would be no vulnerabilities. Something has to make a boom, ”the economist believes.