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28 October 2022, 09:49

PM: Collective West creates preconditions for global economic crisis

MINSK, 28 October (BelTA) - The collective West has created preconditions for the global economic crisis, Belarusian Prime Minister Roman Golovchenko said at a meeting of the CIS Heads of Government Council in Astana on 28 October, BelTA has learned.

"Western partners, now former partners, openly set goals for the complete industrial, technological and financial isolation of our countries. The collective West, perhaps unknowingly, has created the preconditions for a new, perhaps the largest economic crisis in the history of humankind. The collapse of global supply chains, galloping inflation, soaring energy prices… The consequences of these developments are hard to predict. Central banks around the world are raising interest rates in an attempt to postpone or mitigate the looming recession in national economies," Roman Golovchenko said.

Roman Golovchenko
Roman Golovchenko

"As a consequence, global economic growth is slowing down, disparity in the global financial system is growing, prices of critical groups of goods remain volatile. All these will inevitably lead to the fragmentation of the global economy into geopolitical blocks with their own technological patterns and payment standards. This is our vision of how the situation will develop further," the prime minister noted.

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