Davos: global economy slowing but not falling over – Bloomberg

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The global economy is stumbling but not falling over, the investors, bankers and former policymakers attending the World Economic Forum in Davos, Switzerland, according to Bloomberg. 

“The chances of a recession short of a major mistake or accident this year are limited,” said Phillip Hildebrand, vice chairman of Blackrock Inc. and a former Swiss central banker. 

Key quotes (Source: Bloomberg)

I would not even call it a slowdown. There is already the ingredients of ‘gee, we’re about to enter another recession.’ That’s not the case,” said Jacob Frenkel, vice chairman of JPMorgan Chase International. 

“The biggest story in the global economy at the moment is the Chinese slowdown,” said Adair Turner, a former Bank of England policy maker and now chairman of the Institute for New Economic Thinking.
 

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