Head of the Russian Direct Investment Fund: The US economy has entered a recession … so what are the signs and causes?

The head of the Russian Direct Investment Fund, Kirill Dmitriev, noted that the United States is experiencing a massive economic downturn due to sanctions against Russia.

According to the Russian official, the technical definition of stagnation in the economy implies a decline in GDP for two quarters in a row.

The US Department of Commerce said the US economy contracted by 1.6 percent in the first quarter of this year and by 0.9 percent in the second quarter, that is, the decline was recorded for two consecutive quarters.

Dmitriev cited sanctions, the disruption of global supply chains and rising inflation as reasons, which have already led to a record drop in the US stock market over the past 50 years.

He added: “A number of facts point to a further slowdown in the US economy, including a decline in consumer confidence to a record level in 70 years, according to a survey conducted by the University of Michigan, and with many countries selling US government bonds, it became clear that sanctions are more harm the economy of the United States and the European Union than the economy of Russia.

Source: RT

Related Stories

Leave a Reply