A cocktail of slow growth, economic nationalism and protectionism is troubling the global economy. Where do you see globalisation headed?
The reasons for deceleration in the global economy are interrelated and reinforce each other. The phenomenal upswing cycle in global economic growth that we have seen in the past was caused or prolonged by qualitative easing. We had an artificial driver in global economic growth rates in many countries. That ammunition of monetary easing has come to an end. So, we have to go for fiscal policies, though there are some questions over whether fiscal policies in the current situation will lead to an invigoration of economy or not. Another factor (that contributed to this economic slowdown) is that people are losing trust in the future. Trade wars, populism, Brexit (are all examples of this). I would also add increasing environmental risks and rising sea levels (to this list of risks). In the past, people were always optimistic about the future. Now you have a kind of tipping point where people have become much more pessimistic and rising pessimism leads to less consumption and less investments.
Do you believe we are headed towards a recession? What can we do to minimise its impact?
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