Global Economy in Crisis for the First Time in 15 Years, Expert Says

The global economy is experiencing a crisis for the first time since 2008, as massive imbalances have accumulated during this period, said economist and former Russian Finance Minister Mikhail Zadornov in an interview with RIA Novosti.

"Is the global economy in crisis now? Undoubtedly, although at the beginning of the year, particularly in the American market and among Europeans, there were positive doubts that a crisis could be avoided this year," he stated.

Zadornov noted that the assessment of the situation changed in early March against the backdrop of the decline of banks in the U.S. and Europe. "It became apparent that several assets were depreciating—not only bank stocks but also long-term government bonds, corporate bonds, the venture capital market, and real estate," the economist pointed out.

He reminded that a crisis is characterized by the removal of accumulated imbalances in the structure of the global or national economy, resulting in a new structure for assets and their new value, as well as stabilizing capital markets.

"There has not been a global crisis since 2008—almost 15 years. This period in itself has accumulated huge imbalances," Zadornov warned.