Fragmentation of World Economy ‘Irreversible’

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imf, international monetary fund, imf executive director for russia aleksei mozhin, world economy

imf, international monetary fund, imf executive director for russia aleksei mozhin, world economy

WASHINGTON (Sputnik) – The collective West’s blatant use of finance, trade, the dollar, and the euro as weapons makes the fragmentation of the world economy not only inevitable but also irreversible, IMF Executive Director for Russia Aleksei Mozhin told Sputnik.

“The blatant use by the West of international trade, finance, the dollar, and the euro as a weapon makes the fragmentation of the world economy not only inevitable but also irreversible,” Mozhin said.

As an example of the irreversibility of the world economy’s fragmentation, Mozhin pointed to the consequences of the West’s sanctions against Russia, which led to the temporary disappearance of certain categories of goods in the country.

“We have learned this lesson, we will never allow ourselves to be so dependent on imports again, at least in strategic sectors of the economy,” he said.

“Such as, for example, the civil aviation industry, where we have more than a century of engineering tradition. By the way, the so-called process of deglobalization began long before the events in Ukraine and the imposition of draconian sanctions against us.”

The world suddenly realized that globalization is forcing all countries to follow the path of specialization to the detriment of economic diversification, pushing countries rich in natural resources to specialize in their extraction and export, Mozhin noted.

Therefore, deglobalization or fragmentation will continue, the official concluded, adding that the policy of containment toward Russia is a deliberate attempt to hinder its economic development.

Russian Foreign Minister Sergey Lavrov, February 10, 2023 - Sputnik International, 1920, 29.05.2023

Trade in National Currencies to Have ‘Healing Effect’ on Global Economy – Lavrov





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