Former government minister and member of Parliament of the United Kingdom Shahid Rafiq Malik said on Wednesday that we live in an interdependent and interconnected world, so "When the US (economy) sneezes the world gets a cold."
Speaking in an exclusive to Anadolu Agency on the occasion of the 4th Istanbul Finance Summit (IFS) in Istanbul's Ceylan Intercontinental Hotel, Malik remarked on the FED decision that would be announced on later Wednesday regarding quantitative easing.
Malik stated that the United States economy started to move in the right direction. "But the quantitative easing would not be as effective as it might have been in the past," he claimed.
"There is a good probability that they (the US) might not use it as heavily as they are in the past," he said.
Malik argued that the status of the world markets is already volatile ahead of the announcement of the FED on quantitative easing.
"Whether it's the UK or the US, we're going to continue without quantitative easing," he claimed.
Malik said he thought the first and foremost impact of the FED decision on quantitative easing will be on the US economy.
Stating that we live in an interdependent and interconnected world, Malik said "When the US (economy) sneezes the world gets cold."
The former British Minister for International Development, Justice, Home Office (Interior), and Communities and Local Government, Shahid Rafiq Malik is also a former member of the UK Parliament and the former Chairman of Parliamentary Group on Vicitims of Terrorism.
He also carried out roles in international organizations such as the UNESCO, Asian Development Bank.
Malik is currently the Chairman of the Global Cooperation and Development Partnerships in the UK.