USA from the engine of the world economy began its brakes, said Sechin

© RIA Novosti / Sergey Goneeverything in photobunny Executive Director of JSC NK Rosneft Igor Sechin. Archival photoUSA from the engine of the world economy began its brakes, said Sechin© RIA Novosti / Sergey Goneeverything the image Bank

USA from the engine of the world economy began its brakes, said the head of «Rosneft» Igor Sechin.

«There is a clear conflict of interest when the US, for decades acting as supporters of a market economy start to mix taken on the role of the regulator with its own commercial, economic and political interests. But history teaches us that this kind of policy has its downside,» said Sechin, speaking at the Eurasian forum in Verona.

«So, the era of national protectionism in the late 19th and early 20th centuries led to significant monopolization of economies, which ultimately had to pay as end users, who were forced to pay a higher price, and countries that because of the restriction of competition has lost an important engine of technological process and innovation,» he continued.

Sechin added that a number of international companies estimates the increased costs from trade wars to end users worldwide in 10-15%. In addition, the world’s leading economists, a trade war will cost the world GDP of 0.5-0.8% is of the order of 400-700 billion per year, he said.

«De facto, we can say that the country, which was the engine of the global economy, has now become a brake on development,» Sechin concluded.

USA from the engine of the world economy began its brakes, said Sechin© Vitaly Policyspace explode?

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