CEO of the Russian direct investment Fund Kirill Dmitriev

© Alexei Druzhinin/press-service of the Russian President/TASS

JOHANNESBURG, July 27. /TASS/. Trade restrictions, the US could slow world economic growth by 0.4-0.5% in 2018-2019. This was reported to journalists by the head of the Russian direct investment FUND, a member of the BRICS Business Council Kirill Dmitriev on the sidelines of the BRICS summit.

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“As a result of the introduction of new US duties on Chinese goods worth $400 billion, the increase of duties on European cars and other restrictive measures, global economic growth in 2019-2020 could slow, according to our estimates, 0,4-0,5%”, – he said.

Dmitriev stressed that the BRICS countries have agreed to coordinate efforts for the development of the economies of the member States at the time, as trade wars are a negative for the global economy .

According to him, the BRICS countries are the engines of growth of the world economy and will retain this status for at least another ten years because they account for over 50% of global economic growth that attracts investors from around the world. While the BRICS is continuing to implement its still not fully disclosed investment potential, he said.

According to Dmitriev, the inflow of foreign direct investment in the world declined in 2017 by 15% and FDI inflows in BRICS countries grew by about 4%. “Russia is very competitive in the fight for attracting foreign investors thanks to its strong macroeconomic indicators. Recently analysts at Bank of America Merrill Lynch called our economy the strongest among the 10 largest developing countries,” – said the head of RDIF.