Friday 7 September 2007

New risk to growth highlighted

Retrenchment from globalization by the US public was identified as a serious and likely risk to global growth at the Inaugural Annual Meeting of the New Champions. "A backlash against globalization is a domestic political risk in the US and there is an increasingly strong protectionist movement in both political parties," said Nicholas Eberstadt, Chair in Political Economy, American Enterprise Institute.

Samuel DiPiazza Jr, CEO, PricewaterhouseCoopers, cited a recent report from the World Economic Forum, which has identified this same risk as becoming increasingly prominent in the collective consciousness of CEOs, he said, "If this happens it will be very, very serious for the global economy."