U.S. Remains World’s Top Economic Force

US admin discusses raising the debt ceiling

The United States economy will dominate the world over the next 40 years, before its imminent decline, the chairman of the Russian Audit Chamber and former finance minister Alexei Kudrin has said, according to Vedomosti.

“The new sphere of war is the economy. In the end, this will still lead to the U.S. weakening, but in the next 40 years, the U.S. will still dominate,” Kudrin said in the program “Moscow. Kremlin. Putin” on the Russia 1 TV channel.  

The chairman of the Accounting Chamber added that during these 40 years the U.S. government will change its behavior in economic matters. “They will behave more selfishly in global markets,” he said.

In 2018, the American economy grew by 2.9%, but in the fourth quarter, the growth slowed down. At the same time, according to IMF forecasts, U.S. GDP growth rates will continue to decline in the next two years.

The Russian economy, according to Kudrin, is now in a “serious stagnant pit” for the first time since the post-war years. He said this in November last year. According to the chairman of the Audit Chamber, in the history of Russia, starting from the Second World War, there has not been such a long period as now, with such a low rate of economic growth.

Kudrin’s opinions are valued in Russian economic circles since the official has spent more than 25 years in government sectors involving the economy. In February, the head of the Audit Chamber estimated Russia’s lag behind developed countries in labor productivity at 40 years. According to him, the output in the Russian Federation is $23 per hour per worker – about the same as in Brazil. In Turkey, this figure is more than one and a half times higher, Kudrin said.

Earlier, the official said that the introduction of any new U.S. sanctions against Russia would turn into shocks for the Russian economy, which, due to restrictions, could not achieve the required level of investment and growth.

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