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The current crisis in the world financial markets is the worst "in 60 years", billionaire investor George Soros wrote in the Financial Times on Wednesday.
In his comment piece, Soros warned that while a global recession could be held off by strong growth rates in the developing world, the danger was that the resulting political tension from a rebalancing of international economic power could "plunge the world into recession or worse." His remarks come a day after the US Federal Reserve surprised observers by cutting interest rates by 75 basis points to 3.50 per cent, providing some much-needed relief to battered financial markets that had suffered heavy losses in recent days. "The current crisis is the culmination of a super-boom that has lasted for more than 60 years," Hungarian-born Soros wrote in the business daily. "Although a recession in the developed world is now more or less inevitable, China, India and some of the oil-producing countries are in a very strong countertrend," he continued, in his op-ed titled "The worst market crisis in 60 years". "So, the current financial crisis is less likely to cause a global recession than a radical realignment of the global economy, with a relative decline of the US and the rise of China and other countries in the developing world. "The danger is that the resulting political tensions, including US protectionism, may disrupt the global economy and plunge the world into recession or worse." (AFP) |
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