Risks of a Global Recession in the Face of Globalization Crisis

DOI: 10.20542/0131-2227-2020-64-2-5-14

P. Yakovlev (petrp.yakovlev@yandex.ru),
Institute of Latin American Studies, Russian Academy of Sciences (ILA RAN), 21/16, Bol’shaya Ordynka Str., Moscow, 117997, Russian Federation;
Plekhanov Russian University of Economics, 36, Stremyanny Per., Moscow, 115054, Russian Federation

Abstract. Today, a decade after the 2008–2009 global crisis, the outlook for the global economy is still uncertain, as not all the economic wounds left by the crisis have been fully delayed, and its effects continue to have a profound and far-reaching impact on the world economic system. It is also obvious that under the influence of current scientific and technological changes and in the context of shifts in the international strategic balance of power, the global trade and economic architecture is significantly transformed. The process of globalization, which has defined the vector of world development in recent decades, is changing. The key question is in what directions, at what pace and with what risks the transformational trends that have already begun will develop, and what will they bring to the international community. In this regard, many experts representing prestigious supranational organizations and leading Think Tanks express reasonable concerns on the imminent onset of a global recession, which could develop into a new global crisis. There is no need to prove the pernicious nature of development under such a scenario, so preventing such a course of events and neutralizing emerging risks is one of the most important strategic objectives of the international agenda. In other words, according to the author, the aim of the international community should be to coordinate and synchronize actions aimed at neutralizing all sorts of negative trends of recent times that undermine the sustainability of the global economy and world trade, which ultimately generates more and more geopolitical threats. It is critical that joint efforts must be taken to close the cracks in the system of international economic relations.

Keywords: the consequences of global crisis, the slowdown in global growth, trade wars, financial instability, the threat of recession


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For citation:
Yakovlev P. Risks of a Global Recession in the Face of Globalization Crisis. World Eonomy and International Relations, 2020, vol. 64, no. 2, pp. 5-14. https://doi.org/10.20542/0131-2227-2020-64-2-5-14

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