Dr. Dambisa Moyo, global economist and author, served as keynote speaker Thursday morning at our Doing Business Globally program in New York. Here are a few highlights from her remarks:
- Global growth is slowing. Many emerging market economies are in recession, like Brazil, South Africa and Russia. In addition, in recent years we have seen an increase in the reduction of trade and cross border capital flows.
- Geopolitical developments, such as Brexit and the election of Donald Trump in the US, were considered highly unlikely. Now that they have occurred, we are in unprecedented territory for global economies.
- Dr. Moyo discussed unique “headwinds” policy makers are facing, such as technology and the creation of a jobless underclass, natural resource scarcity and global debt.
- Dr. Moyo anticipates a more siloed world. Businesses that will do well are those that don’t rely solely on cross-border capital.
- Dr. Moyo said we are seeing more business myopia than ever before. The average tenure of a company listed on the stock exchange is around 18 years. In the 1930s, it was 75 years, she said.