April 4, 2013
/PRNewswire-USNewswire/ -- The U.S. and global economies are slowly recovering from the economic crisis of 2008, and consumer confidence is growing. Uncertainty about government policies and stubborn unemployment levels remain as obstacles. That was the consensus of a high-level panel of experts on the first day of the
's third annual
Global Asset Management Education (G.A.M.E.) III Forum
at the Hilton Hotel Midtown.
"Business profits are pretty good, but hirings are not there yet," said
, chief economist at NASDAQ OMX Group, Inc. "We don't yet have the level of employment normally seen at this stage of the business cycle." Hatheway called for stimulating the sector with government job retraining programs "so we can start creating 400,000 jobs a month, not 150,000."
Hatheway was one of four keynotes on the morning "Global Economy" panel, and his bullish outlook was shared. According to another speaker,
, chief equity strategist and senior portfolio manager at Nuveen Asset Management, "The world economy is slowly, irrevocably improving." Looking at the U.S. economy, Doll said that "the business sector is in pretty good shape, and corporations are now willing to spend a little more on hiring workers, investing and paying dividends. We're seeing sustainable momentum."
That momentum hasn't yet taken hold in
. Doll said the European economy is likely to remain in recession for the year. In contrast, he said that economic growth in
"has achieved a soft landing."
Building on that,
, managing director and chief investment strategist at Deutsche Bank Private Wealth, said a large percentage of global economic growth is now coming from the developing world. Adam said that although GDP growth in the U.S. is "volatile" and somewhat uneven, the Federal Reserve under Chairman
"will get a very good grade" for its handling of the economic crisis (particularly in the early years post-2008.) He cited as positive signs increasing levels of consumer confidence, low energy costs and no uptick in inflation or commodity prices.
With due diligence, investors should consider putting some of their assets into the developing world, said
, managing director and chief economist at Wells Fargo Securities, LLC. "The fundamentals really matter," he said. "You have to look at the framework of countries' fiscal and monetary policies."
as examples of nations often overlooked by investors that have notably business-friendly climates. He said that corporate operations are increasingly global, citing the availability of Coke Zero in
's restaurant in Dubai.
The investment conference's first day also included panels addressing "Alternative Assets vs. Equities," "Global Markets" "Corporate Governance" and the "Federal Reserve Perspective."