Sechin pointed out the danger of the "debt needle" for the global economy

The main countries of the world are currently sitting on a "debt needle", and the overall debt level of developed countries is at an exorbitantly high level, said Igor Sechin, Chief Executive Officer of Rosneft, speaking at an Energy panel at the XXVIII St. Petersburg International Economic Forum.

In his report, "The Odyssey of the global economy in search of the Golden Fleece. The new face of global energy" the head of Rosneft recalled that as a result of the 2008 mortgage crisis, the financial sector was on the verge of collapse, and it had to be additionally issued about $35 trillion to save it.

"As a result of this Western policy, most of the world is currently sitting on a debt needle. The total debt level of industrialized countries, including the debt of the non—governmental sector, is at an exorbitant level, approaching 300% of GDP," Igor Sechin said.

According to Sechin, the disproportionate growth of the financial sector has led to the fact that today in the United States the value of financial assets is more than 5 times higher than GDP, and this trend is typical for most economies of the world, including Russia. "Even in Russia, the size of financial assets is already approaching 100% of GDP," he said.

"The odyssey of the global economy includes various attempts to find a solution to the accumulated issues. In particular, trade restrictions have recently become one of the tools to eliminate the problem of the US budget deficit. However, a sharp increase in import duties leads to a break in supply chains, creating shortages, and inflation," the head of the Company said.

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 since the 2008 financial crisis. The World Bank's forecast for China has not changed: its economy is expected to grow by 4.5% this year.