Don’t be gloomy, says UBS chair

The Star Early Edition - - OPINION & ANALYSIS -

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.

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