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Last Updated : Apr 24, 2019 12:54 PM IST | Source: Moneycontrol.com

'Angry societies' a brewing problem: Lito Camacho, Credit Suisse

The world, especially the West, is still coming to terms with the emergence of China as an economic superpower, Camacho added.

The theme of "angry societies" has changed the global political landscape and created a new world, according to Lito Camacho, Vice Chairman at Credit Suisse Asia Pacific.

Camacho said the political scenario has shifted towards nationalist and populist policies, and a rejection of multilateralism.

"This theme of angry societies has been a brewing problem created by many different factors: The gap between the rich and the poor in many countries, you’ve got issues surrounding immigration and so on," Camacho said in an interview with CNBC.

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The world, especially the West, is still coming to terms with the emergence of China as an economic superpower, Camacho added.

Such a scenario is creating "angry people", that are changing the political climate, in Camacho's opinion.

According to Camacho, some of the risks present at the beginning of 2019 have abated at the end of the first quarter, such as signs of US recession, rising US interest rates and slowdown of the Chinese economy.

The International Monetary Fund (IMF) recently lowered its global growth forecast for 2019 to 3.3 percent from 3.5 percent projected earlier.

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First Published on Apr 24, 2019 12:53 pm
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