Bill Gates says economic system ‘bears’ have sturdy argument on slowdown

Bill Gates mentioned rates of interest are prone to rise sufficient to trigger a worldwide financial slowdown, triggered by Russia’s invasion of Ukraine and fallout from the Covid-19 pandemic.

“I’m afraid the bears on this one have a pretty strong argument that concerns me a lot,” Gates mentioned Sunday on CNN’s “Fareed Zakaria GPS.”

The billionaire philanthropist and Microsoft co-founder mentioned the warfare in Ukraine, which despatched commodity costs hovering, “comes on top of the pandemic, where government debt levels were already very high and there were already some supply chain problems.”

Many international locations, together with the US, UK, and India, have began elevating rates of interest to attempt to tamp down inflation. That “eventually will result in an economic slowdown,” mentioned Gates, whose $123 billion fortune makes him the world’s fourth-richest individual within the Bloomberg Billionaires Index.

The International Monetary Fund final month slashed its world progress forecast by essentially the most for the reason that early months of the pandemic and projected even quicker inflation due to the warfare in Ukraine and China’s renewed virus lockdowns.

© 2022 Bloomberg

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