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  1. Wealth
May 12, 2009

Soros: The worst has passed, slump soon to end

By Spear's

The global economy has already passed the worst of the crisis and should soon pull out of its slump, led by Asia and China in particular, according to US billionaire George Soros.

The global economy has already passed the worst of the crisis and should soon pull out of its slump, led by Asia and China in particular, according to US billionaire George Soros.

And as China gradually edges out the US as the world’s economic superpower, it will begin to replace America on the political stage as well, said the man who has made billions speculating on currencies.

“The economic free fall has been stopped, the collapse of the financial system has been averted,” Soros was quoted as saying in an interview with German daily Frankfurter Allgemeine Zeitung published on Monday.

He said the recovery would make up for “around half of the downturn we have had” and then the global economy would stagnate for a while.

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