Former Vice-President of the World Trade Organization: Prolongation of the conflict in Ukraine will cause a global crisis

The prolongation of the conflict in Ukraine will inevitably lead to an aggravation of the energy and food crisis in the world, which means it will cause a global economic crisis no less than the 2008 crisis.

Speaking at the China International Trade and Services Fair forum, Yi Xiaochun, former vice president of the World Trade Organization and former vice minister of commerce of China, said: “The global economy is already on the path to stagflation with high inflation, high debt and high interest rates. – the Ukrainian conflict will expand and drag out, this will inevitably lead to an aggravation of the shortage of energy and food resources in the world, which means it will cause a global economic crisis of no lesser scale than the 2008 crisis.

And Xiaochun noted the need to abandon the Cold War mentality and zero-sum game by all countries, especially the major powers, strengthen multilateral cooperation within the G-20 and the Bretton Woods system, and build more bridges to reunite an already divided and fragmented world.

Source: RIA Novosti

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