Don’t be gloomy, says UBS chair
UBS GROUP chairman Axel Weber said executives and policy-makers gathering this week at the World Economic Forum in Davos are too gloomy after the recent resurgence of populism around the world.
“I’m quite optimistic” about 2017, Weber, the former head of Germany’s Bundesbank, said in an interview yesterday with Bloomberg TV’s Francine Lacqua. “Usually when I come to Davos, I find everyone is too optimistic. This time around I think the mood is a bit too gloomy.”
Ten years after the financial crisis, the global economy has stabilised, Weber said. In the US, the Trump administration is taking over a “dynamic” labour market and shifting the policy focus away from monetary stimulus to fiscal measures.