The billionaire founder of Microsoft, Bill Gates, said that interest rates are likely to rise enough to cause a global economic slowdown, caused by Russia’s invasion of Ukraine and the fallout from the Covid-19 pandemic.
On Sunday, Gates added on the Fareed Zakaria GPS program on CNN: “I fear that the bears in this matter have a very strong argument that worries me a lot,” referring to pessimistic investors about the state of the economy and markets, according to what “Bloomberg” reported, and I reviewed. Al Arabiya.net”.
The billionaire and co-founder of Microsoft said the war in Ukraine, which has driven up commodity prices, “comes in the wake of the pandemic, where government debt levels were already very high and there were some problems in the supply chain.”
Several countries, including the US, UK and India, started raising interest rates to try to rein in inflation.
Gates predicted that this will eventually lead to an economic slowdown.
In turn, the International Monetary Fund last month cut its global growth forecast by the most since the early months of the pandemic, predicting faster inflation due to the war in Ukraine and a renewed lockdown of China due to the virus.