Sechin said the threat of global recession: it can provoke once, three shock factor

Igor Sechin

The press service of the President of Russia

The world economy for the first time in history faced the threat of three shock factors that could spark a global recession, said the head of «Rosneft» Igor Sechin during the Eurasian economic forum in Verona. His words leads RIA «Novosti».

«For the first time in history, the global economy faced the threat of three shock factors that could spark a global recession: economic and technological confrontation with China, trade, tariff and currency war, the US sanctions against oil producers,» — said Sechin. All these factors marked the weakening of the monetary policy and reduce interest rates by the Central banks of the largest economies in the world.

Sechin said that over the past 12 months the growth forecasts for the world economy and trade revised downward by 0.2-0.4 percentage points. To weaken their currencies or cut interest rates forced to resort to a number of countries, in particular India, Thailand, New Zealand, and China, which the US accused of currency manipulation.

However, about two weeks ago, the fed announced plans to send every month up to 60 billion dollars for the purchase of debt obligations of the U.S. government to Finance the budget. This will lead to excessive infusion of dollars into the world economy and the further weakening of the national currency increases the likelihood of a global currency war, «with very unpredictable consequences.»

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