George Soros is an American Billionaire of Polish origin. It is right to call himself made as he has steered himself to riches. From a tender age, George Soros has been a go-getter. After completing his education at the London school of economics, his hunger for a better life drove him to the USA where he has since never looked back. He is a strategist and an economic analyst who has made a business empire worth a name. Not many have been able to achieve what he has. Apart from being an economist, he is a philanthropist who never stutters and is very vocal on matters of economics and humanity.
Recently, George Soros predicted on uncommonwisdomdaily that a financial, economic crisis was looming as China enters a phase of financial crises. According to Crooks, George Soros said that the current economic situation of the world reminds him of the 2008 financial crises. However, comparing the current situation from the position in 2008 would be presumptuous and deceiving. Various pointers are showing that 2016 won’t be the same as 2008.
To start with, the world currently have a debt valued at $225 trillion. The value is worse than it was in 2008. The debt value has been on the trajectory since the year 2014. The situation has been made worse by the doubling of Chinas debt since 2008, and it now sits at 240% about Debt to GDP. Although the Chinese government continues to inject funds into the economy, the currency weakness is still evident for all to see. This trend will continue to be evident in China and other economies of the world.
Read his profile at Forbes.
The fact that China is the second largest economy in the world does not help the situation. The growth of the world’s economy is on the decline. According to World Bank, the 2016 growth forecast for growth from 3.3% to 2.9. %. The head of International Monetary Funds (IMF) also predicted that 2016 might be worse economically. Soros prediction might have a basis but the current economic position I the world is not similar to the one in 2008. This is because then many organizations were not open on their books. However, the events have made organizations learn and transparency is the key to the why 2016 will not go the 2008 way. As expected, the banks and countries involved will try to counter the effects of recession by injecting cash flow to the economy. For more information see http://www.uncommonwisdomdaily.com/george-soros-is-right-22082