Attempts of economists to tell themselves that the global economy has magically recovered from the 2008 crisis were unfounded. All this time, the average growth in the United States was 2 percent, which is a weak indicator, especially considering that the growth was achieved mainly due to the production of shale oil. Meanwhile, the European Union (EU) had a very poor economic growth over the past seven years, Philippe said.
Furthermore, Europe's poor foreign policy towards Russia aggravated the already weak European economy. The EU has clearly shot itself in the foot by imposing anti-Russian sanctions which led to Moscow putting counter-measures in terms of a food embargo on the EU. As a result of this senseless diplomatic war between the EU and Russia, average folks in Europe had to tighten their belts, according to Philippe.
After the massive Chinese economy stopped growing, it spooked the world, as economists finally realized that we live in a world in which economy isn't growing. In turn, it scared the markets, Philippe explained.
In this day and age, everyone is in the same boat when it comes to economic development. The slowdown in one major country, such as China, affects everyone. Therefore, the world should act together instead of sitting behind their own borders trying to wait it out, the French expert concluded.