World Bank: 'classic' crises remain in the past

Classic crises with the decline and systematic restoration of economies remained in the past, the World Bank Chief Executive Officer Kristalina Georgieva said at the St. Petersburg International Economic Forum.

"I believe that the classic crises stay in the past. Even when they were very serious, they usually went gently and politely, this is how I would call it. Every crisis was waiting for its turn: the crisis starts, the economy reaches the bottom, and then it restores. Growth followed, and only after that one could expect the next recession," TASS cited her as saying.

She noted that this classic situation receded into the past: now crises overlap, they do not wait in line. "Both national and global financial institutions are not used to living in an atmosphere of overlapping crises," Georgieva added.