Billionaire businessman Bill Gates evaluated the interest rate increase process in the world from the USA to England and India in a program he participated in CNN.
Gates stated that Russia's invasion of Ukraine and interest rate hikes in economies damaged by the Kovid-19 pandemic will cause a slowdown in the global economy.
Noting that the war in Ukraine caused an increase in commodity prices, Gates said, "In addition, public debts are at very high levels and there are already supply chain problems."
Gates, who is the 4th richest person in the world with a fortune of 123 billion dollars according to the Bloomberg Billionaires Index, noted that the interest rate hike will eventually cause an economic slowdown.
Many countries, including the USA, started to increase interest rates in order to control high inflation.
The IMF revised down its global growth forecast last month, amid the war in Ukraine and the reintroduction of virus quarantines in China.
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