World economic crisis to last for another 2-3years. By 2030, India and China to become globalization centers – Academician Pakhomov

The duration of crisis in Ukraine will depend on how long the world will be gripped by it. In the world, the crisis will stay for 2-3 years. It will be very grave and followed by reforming the world economic system, Academician and Director of the Institute of World Economy Yury Pakhomov told ZIK Oct. 22. <P>The current crisis will have a heavier fallout than the crisis of 1929-1933. The global economy will undergo radical changes that will go on for many years, he said.</P>
<P>“There is much talk that the global economic system is oversaturated with virtual money, with uncontrolled transnational corporations acting as its major players. To avoid global chaos, global managerial systems must be set up,” the expert opined. </P>
<P>&nbsp;Academician Pakhomov says other changes are likely: “For instance, some countries will lose their present status, most probably, the countries of the West. Other countries, notably, in the east, will elevate their status. According to forecasts, by 2030 the world economy will be dominated by Brazil, Russia, India, and China. India and China may make it to the top sooner, and the center of globalization will shift to the east,” he added. </P></FONT>