The crisis will not end until 2021, with a depression and stagnation between now and then, according to Director of the New Society Institute Vasily Koltashov.
Vasily Koltashov suggested that the economic recovery will not happen until next year. He added that harsh crises like the current one occur once in 25 years. Therefore, we will not be hit again for another quarter of a century.
At the same time, the economist believes that the current crisis is a continuation of the 2008 crisis. Crises with such a big impact may last between 3 and 12 years, he said in an interview with Pravda.ru.
Koltashov added that crises of this kind change the entire economy. The past ideals of free trade are now dead and replaced by developing protectionism in the world. The economist predicted that the state’s role in the economy will continue to grow.