Global economy back to 1930s level – economist

The novel coronavirus pandemic has triggered an acceleration of the global structural crisis, economist Mikhail Khazin said.

According to him, the world economic activity is now at the level of January or February 1930, Regnum writes – the period that marked the onset of the Great Depression.

The ongoing pandemic similarly triggered an acceleration of the structural crisis. Some changes that otherwise would not have occurred for another two or three years, developed in a matter of a few months, Mikhail Khazin explained.

He also pointed out that the outlook for economic recovery is still uncertain. The crisis is likely to continue into the fall. It has been temporarily halted by huge monetary injections, but this move will worsen inflation, the economist concluded.

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