Belousov says a 'perfect storm' will hit the global economy

By Al Mayadeen English
Source: Agencies
19 Nov 2022 15:15
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On the sidelines of the AIPEC summit, Russian First Deputy Prime Minister Andrey Belousov indicates that the understanding that the world will face tremendous economic shocks in the coming years is mostly unanimous.

Russian First Deputy Prime Minister Andrey Belousov (EW NOW)

When the negative trends accumulated over the years converge, in the next few years, the global economy will witness a "perfect storm" Russian First Deputy Prime Minister Andrey Belousov said on Saturday.

The Asia-Pacific Economic Cooperation (APEC) summit is being held in Bangkok, Thailand, from November 18–19, and Belousov is serving as the head of the Russian delegation. The senior official indicated that international commerce and investment were on the summit's agenda for Saturday.

It was "almost unanimously" acknowledged by member states, according to the official, that the world is about to enter a period of tremendous shocks, which are made worse by climate woes and unresolved technical issues.

"Now we are only beginning to understand the severity of the problems that the world is facing. The fact is that the next few years are a period of a perfect storm, when negative trends that have been accumulating for a long time converge for a limited time period," Belousov said on the sidelines of the summit.

Belousov also pointed out that discussions with representatives of the so-called unfriendly nations have shown that the world is beginning to understand that efforts to isolate Russia only serve to exacerbate the problem.