West Is One or Two Rounds of Sanctions From Recession: Obama Global Development Adviser
WASHINGTON, October 27 (RIA Novosti) The West, and Europe in particular, is one or two rounds of sanctions and counter-sanctions away from entering into a new recession, chairman of President Barack Obamas Global Development Council Mohamed El-Erian stated Monday.
We are one or two rounds of sanctions and counter-sanctions away from the European politics over the Ukraine tipping Europe into a recession, El-Erian said in a speech on the BRICS economies at the Peterson International Institute of Economics.
He noted that the impact of level three sectoral sanctions against Russia is taking the West into a recession through sanctions to the energy sector.
Arguing against the notion that Western economies are managing to keep pace after the crisis and despite the sanctions against Russia, El-Erian stated, It may be chugging along in the United States, but Europe is looking at flat growth.
According to Obamas global development adviser, Ukraine continues to be a problem. El-Erian concluded, The current state of play in Ukraine is lose, lose, lose for Ukraine, Russia, and the West.
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