During the course of his life George Soros has seen many of the problems in Europe, North America and the world as a whole. The Hungarian born George Soros survived the Holocaust of World War II before embarking on a journey as a refugee taking him to London to study finances, and a final journey to New York to begin his career in finance. At the start of 2016, the financial expert with an estimated fortune of more than $23 billion turned his attention away from the U.S. Presidential race to give his views on the growing global economic crisis.
The Chinese economy is seen as the key to the global economic issues by George Soros, according to Bloomberg Business. Manufacturing and investing have been the traditional areas of strength for the Chinese economy and saw the financial might of the country prompt partnerships with many countries across the globe. However, the Chinese economy has recently been changing to a more consumption and service based outlook, which Soros believes is causing major issues for an unprepared group of Chinese officials. Alongside the changes to the economy being seen in China the financial officials of the country must also be adjustable to the needs of their economy.
The Chinese economic problems may have pushed the global markets to the point of meltdown, but George Soros believes the issues seen in Europe may lead to a financial crisis similar to that seen in 2008. George Soros has warned of a financial meltdown in Europe since 2011 when he criticized the response to the debt problems in Greece; growing economic problems in Ukraine must be addressed if the single currency of the Euro is not to collapse in the coming months, the financial expert explained. George Soros believes a stronger response to the crisis facing the world by global leaders is the only option for averting a repeat of the global recession of 2008.