Bloomberg recently published an article on the significant economic risks facing the world due to the ongoing conflict in Ukraine, rising inflation, and the increasing prices of fuel and basic commodities. The article highlights the perspectives of three prominent market experts on what they consider to be 'the next big risk' to the global economy in the coming five to ten years.
Abby Joseph Cohen, a former Goldman Sachs strategist now teaching at Columbia University, is particularly concerned about the labor shortage and the inadequate skills development among students who are expected to become the future scientists, doctors, engineers, and other professionals. Cohen emphasizes the importance of investing in the future through research, training, and education, as well as taking care of workers to ensure their families are comfortable. Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, expresses worry about the potential for a more deadly and devastating virus to emerge, causing far worse consequences than the impact of the current pandemic. He argues that without learning from past experiences, nations will not have the necessary systems in place to protect both their people and economies when the next pandemic strikes. Ken Moelis, founder and CEO of Moelis & Co., believes the world is moving towards deglobalization, with nations focusing more on self-sufficiency and securing resources like food and energy for their own populations, rather than relying on international trade. He warns that unprepared nations may face severe consequences when the price of oil and gas rises to $200 or higher
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