Economist comments on ‘black Monday’: It resembles world crisis
And this is not the end, Syarhei Chaly thinks.
The world financial market has collapsed and economists have already called August 24 ‘Black Monday’. Economist Syarhei Chaly has explained the situation to Euroradio.
Chaly: "There is nothing unexpected. Many indexes were about to be corrected. All risky assets are being sold now. It resembles a world financial crisis and the scenario is always the same. Investors are getting rid of everything that may lead to another default.”
The situation has been caused by the Chinese economy – it has stopped growing, the economist believes. Belarus will not interest investors much and our European stocks rates will also go down.
Chaly: "There is almost no chance to find money at foreign markets. Our model was mostly based on the division of Russian oil. When the default stops, we will have to get used to the new reality with new prices.”
The rouble may keep decreasing but this is the only wise way out of the situation, Syarhei Chaly thinks.
Photo: Fotolia
