The global economic situation has been the subject of an interview with George Soros at an economic forum in Sri Lanka in recent weeks. The Hungarian born hedge fund specialist has become well known for being part of the event that caused the devaluation of the British pound in 1992, and amassing a $23 billion fortune from the hedge fund he developed over the latter half of the 20th century. During the forum in Sri Lanka the financial specialist has revealed his fear that the problems facing the world in 2016 could lead to an economic slowdown similar to that seen in 2008, reports Bloomberg Business.
Few financial experts keep as close an eye on the global political situation as Soros, who works with his own Open Society Foundations to bring democracy to the people of the world. Soros believes the situation in Europe has come to a point where decisive leadership is required in order to halt a complete collapse of the European Union and the Euro currency. The refugee crisis that is unfolding across Europe caused by the conflict in Syria is adding to the European problems facing the economy of the continent; European issues also include the problem of high debts being faced by Greece and Ukraine, which are adding to the uncertainty of the future of the Euro zone and the membership of the U.K.
George Soros also gave his view on how the problems in the Chinese economy are leading the world towards a global financial meltdown. During the Bloomberg interview Soros explained his view that the Chinese government is failing in its responsibility to maintain the economy of the nation for the good of the world. The major issue facing China is how to handle the change from a manufacturing and investment based economy to one reliant on consumption. The initial approach by China has been to lower interest rates for consumers, which George Soros believes mirrors the actions taken by governments across the world prior to the 2008 slowdown.