Mikhail Zadornov, a former Russian finance minister, said the impact of the next global crisis will be much greater than the 2008 global financial crisis because geopolitics hangs over the economy.
Zadornov added, in an interview with “Novosti” correspondent: “The impact of this upcoming crisis will be much greater than it was in 2007-2009, when the crisis was of a purely economic nature.”
Zadornov, a well-known economist, believes that the reason for this lies in the imposition of geopolitical affairs on economic relations.
According to him, the current crisis is characterized by turning into a direct political confrontation, that is, a “cold war” between the United States and China.
The expert said: “Thus, it becomes clear that this crisis is not just a stage on the way to the growth or development of the global economy. This is a cyclical crisis, which occurred due to the change in the trend towards protectionism in trade. But it is also a geopolitical crisis aimed at the change in the global system that we will see in the five years to the next ten.”
This article was originally published by RT.