Translation. Region: Russian Federal
Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
Most of the world today is sitting on a “debt needle”, and the overall level of debt of developed countries is at an extremely high level, said Igor Sechin, Chief Executive Officer of PJSC NK Rosneft, speaking at the Energy Panel within the framework of the XXVIII St. Petersburg International Economic Forum.
In his keynote speech, “The Odyssey of the World Economy in Search of the Golden Fleece. The New Face of Global Energy,” the head of Rosneft recalled that the 2008 mortgage crisis left the financial sector on the brink of collapse. To save it, the world printed the equivalent of $35 trillion.
“As a result of such Western policies, most of the world is now sitting on a ‘debt needle.’ The overall level of debt in industrialized countries, including the debt of the non-state sector, is at an exorbitant level, approaching 300% of GDP,” Igor Sechin noted.
Igor Sechin said that the disproportionate growth of the financial sector has led to the fact that today in the US the value of financial assets is more than 5 times higher than GDP, and this trend is typical for most economies in the world, including Russia. “Even in Russia, the size of financial assets is already approaching 100% of GDP,” he noted.
“The odyssey of the global economy includes various attempts to find a solution to the accumulated issues. Including one of the tools for eliminating the problem of the US budget deficit in recent times have become trade restrictions. However, a sharp increase in import duties leads to a break in chains, the creation of a deficit, inflation,” the head of the Company said.
Sechin noted that China has hardly noticed the restrictions introduced this year.
According to the head of Rosneft, in its latest report the World Bank lowered its forecast for US GDP growth this year to 1.4% – the worst average figure since the financial crisis of 2008. For China, the World Bank forecast has not changed: its economy is expected to grow by 4.5% this year.
Department of Information and Advertising of PJSC NK Rosneft June 21, 2025
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