In his comment piece, Soros warned that while a global recession could be held off by strong growth rates in the developing world, the danger was that the resulting political tension from a rebalancing of international economic power could "plunge the world into recession or worse.
His remarks come a day after the US Federal Reserve surprised observers by cutting interest rates by 75 basis points to 3.50 percent, providing some much-needed relief to battered financial markets that had suffered heavy losses in recent days.
"The current crisis is the culmination of a super-boom that has lasted for more than 60 years," Hungarian-born Soros wrote in the business daily.
"Although a recession in the developed world is now more or less inevitable, China, India and some of the oil-producing countries are in a very strong countertrend," he continued, in his op-ed titled "The worst market crisis in 60 years".
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"So, the current financial crisis is less likely to cause a global recession than