Growth in the U.S. economy seems to be on a good path, though risks persist. But what about global growth? For a perspective on that, we went to a leading voice on the subject, Jacob Frenkel, Chairman of JPMorgan Chase International.
The International Monetary Fund, in its October World Economic Outlook, notes how global growth is likely to stay on pace with 2017 for the coming year, but has plateaued. In a blog post, the IMF Director of Research adds "there are clouds on the horizon" and "the likelihood of further negative shocks to our growth forecast has risen."
In our interview with Frenkel, he noted that up to late last year, revisions by the IMF had been upward for all regions in the world, a rare event. He cautions, however, against the trend towards protectionism policies by some of the world's largest economies.
"The greatest danger is, frankly, anything that has to do with protectionism and fragmentation. Because protectionism is not just something that hampers the flow of goods or services. It's a mindset. It's a mindset of closedness... we need to have an open mindset rather than a closed mindset."
Watch Frenkel's full remarks in the video above.
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