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26 Jan, 2021 12:18

World economy facing new ‘black swans,’ head of Russia’s sovereign wealth fund warns

World economy facing new ‘black swans,’ head of Russia’s sovereign wealth fund warns

The global economy could see new “black swan” events, such as the uptick in inflation and the possibility of another pandemic, according to Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).

“Black swan” events are unpredictable or unforeseen occurrences that lead to extreme consequences. The term was coined by finance professor and former Wall Street trader Nassim Nicholas Taleb, after the 2008-09 financial crisis.

“I did not expect that a flock of “black swans” could appear, one might even call it a storm cloud that has darkened the world for the last 12 months,” Dmitriev said on Tuesday, speaking at a session of the World Economic Forum, which was being held online this year. 

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“Now we expect that new flocks will appear,” he added, detailing that “This could be about inflation. I think it will inevitably follow the printing of money around the world. Obviously, another pandemic is possible.”

The head of RDIF pointed out that stability is needed at a global level, while a polarized world and ideological bias are obstacles that should be overcome with the help of international cooperation.

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