MOSCOW, July 28. /TASS/. The latest data on the US economy indicate that sanctions against Russia are causing more harm to the US than to Russia, Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), told reporters.
"Today's data from the US Department of Commerce for the second quarter of 2022, which showed a decline in GDP by 0.9%, together with the previously released data of a GDP decline by 1.6% for the first quarter, confirm a massive recession in the US. The situation in the US economy, countries in the EU and other countries that have imposed anti-Russian sanctions continues to worsen due to the imposition of anti-Russian sanctions, disruption of global supply chains and rising inflation. As many countries sell off US government bonds, it is increasingly recognized that sanctions are doing more harm to the economies of the US and EU countries rather than the economy of Russia," Dmitriev said.
A number of facts point to a further slowdown in the US economy, including the consumer sentiment index (a record low for 70 years), according to a survey by the University of Michigan, he said.
The above factors have already led to a 50-year record drop in the stock market in the United States and the fastest outflow of money from all asset classes since the 2008 financial crisis, Dmitriev said.
Earlier today, the US Department of Commerce announced that the country's GDP in the second quarter of 2022 decreased by 0.9% year on year and 1.6% in the first quarter.
Experts had expected that on an annualized basis, US GDP for the second quarter will increase by 0.3%.
Many American analysts consider the two-quarter economic downturn to be one of the main signs of a recession. The White House has repeatedly stated that this is not the case and the US economy will avoid recession.