Coming world crisis will be unprecedented in scales and length - expert
Astana. January 20. KazTAG - The coming world crisis in 2015 will be unprecedented in scale and length, said Leila Muzaparova, first deputy director of Kazakhstani institute of strategic research under the President.
“The current crisis will differ in scale and length. More specifically, the coming crisis will be unprecedented in scale and length," she said at the round table entitled "Time of global ordeals: new challenges".
In her words, the global economic recession jointly with the second negative tendency- fall of prices at consumer markets and fall of stock exchanges, first of all, in Europe signalize about the new symptoms of crisis which will start this year and may last for the next few years.
"The current crisis has a number of distinctive features. First, it differs with growth of international geopolitical tension. Second, fall of oil prices is accompanied with prices decline for other main goods and resources. In the past 7 years Brent oil price fell by 60%. Gold prices have significantly decreased," she said.
In her prognosis the situation in the world economy this year and in the short term perspective will deteriorate due to several negative tendencies in the world economy.
"First it is slowdown of GDP growth with transfer to recession. Second, the situation at the commodity and stock exchange markets deteriorates. In 2014 technical recession was fixed in a number of big economies of the world, i.e. GDP reduction for two quarters. It was observed in Japan and Brazil. There was slowdown in the Chinese economy," she added.
In her words recession is expected in the European Union and Russia. Growth rates in China will slowdown.