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Opinion: Next world economic recession to happen in 2018-2019

February 18, 2014, 17:02 UTC+3 MOSCOW
Russia's Deputy Economic Development Minister Andrei Klepach believes Russia should not hope for high economic growth rates in 2014 and 2015
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Andrei Klepach

Andrei Klepach

© ITAR-TASS/Anton Novoderezhkin

MOSCOW, February 18. /ITAR-TASS/. Russia's Deputy Economic Development Minister Andrei Klepach believes that the world's next economic recession might happen in 2018-2019.

“We should not forget that economic development is wave-like. It has to be taken into account, so the next major cyclic slump should be expected in 2018-2019 and around 2028, with a high degree of probability,” Klepach said at a session of the presidium of the Russian Academy of Sciences on Tuesday. “We have to be ready for it and keep it in mind that such a crisis always shows what the economy is worth.”

In his opinion, Russia should not hope for high economic growth rates in 2014 and 2015.

“Our objective is to expedite economic growth rates. As the situation develops, Russia will not have high economic growth in 2014-2015,” Klepach said. “The years 2016-2020 are actually the time when it will be possible to achieve considerable economic upturn, otherwise we'll be unable to resolve the task of restructuring our transport, health care and education.”

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