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Sanctions, counter-sanctions only harm everybody - Moody’s Analytics chief economist

October 11, 2014, 5:49 UTC+3 WASHINGTON

“I think it’s having a significant impact on Europe,” Mark Zandi said

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© ITAR-TASS/Gennadiy Khamel'yanin

WASHINGTON, October 11. /TASS/. Sanctions and counter-sanctions due to the conflict in Ukraine only harm everybody, including the world economy, Moody’s Analytics Chief Economist Mark Zandi told TASS on Friday.

“I think it’s having a significant impact on Europe,” he said commenting on the effects of sanctions.

“It's one reason why the European economy has slowed since the beginning of the year. I think the impact on the US economy, at least so far, is not meaningful,” Zandi said.

He declined to predict how long the sanctions would last. “It's hard to know. It looks like it's gonna go on for a while though. It's not gonna go away quickly,” Zandi said.

Answering a question if there is anyone who can benefit in the present situation, he replied negatively. “It's all downside. Unfortunately for Russia, for Eastern Europe, and for the world economy - it's all downside,” Zandi said.

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