Standard Chartered CEO Bill Winters has said the “horrific wars” being fought in Ukraine and Israel/Palestine are unlikely to have a major impact on the global economy as they currently are having little impact on interest rates, commodity prices, or people’s ability to travel.
Speaking at the Future Investment Initiative conference in Saudi Arabia’s capital city Riyadh, Winters said “the global economy is resilient to things that don’t affect a few basics” as he argued there are more “pressing concerns” facing the economy.
The veteran banker said “right now these wars are contained,” as he compared the Ukraine and Israel/Palestine conflicts to ongoing wars in locations across the globe, including the Wagner group’s incursions in the Sahel region of north Africa.
“There’s also a war in the Sahel, there’s a war in northern Nigeria, there’s a war in Libya, there’s a war in Syria, there’s a war in Korea,” Winters said. “It could go on and on and these wars have been going on for years and years. Millions of people displaced, absolute poverty and misery”.
“The global economy is resilient to things that don’t affect a few basics: interest rates, commodity prices, and people’s ability to travel,” Winters said.
Instead, Winters said “the things that are affecting business decisions day to day,” including borrowing interest rates and inflation, are “much more pressing concerns” when it comes to the health of the global economy.
The conference is an annual event backed by Saudi Arabia’s sovereign wealth fund that has come to be known as “Davos in the Desert” due its similarities to the World Economic Forum’s yearly summits in Switzerland.
This year’s conference has drawn in top financiers from across the globe despite growing concerns over mounting tensions in the Middle East, following the outbreak of open fighting between Israel and Hamas.
Winters took up his current position as head of Standard Chartered in 2015 having previously worked for 26 years at U.S. investment bank JPMorgan Chase.
Read the full article here
