Growth in the U.S. economy seems to be on a good path, though risks persist. But what about global growth? For a perspective on that, we went to a leading voice on the subject, Jacob Frenkel, Chairman of JP Morgan Chase International. The International Monetary Fund, in its January economic outlook, notes how 120 economies, representing about 75 percent of the world’s GDP, have seen a pickup in growth this year versus a year ago. It is “the broadest synchronized global growth upsurge since 2010,” says the IMF in their report.
In our interview with Frenkel, he noted that revisions by the IMF have been upward for all regions in the world, a rare event. He cautions, however, against the trend towards protectionism policies by some of the world’s largest economies.
“The greatest danger is, frankly, anything that has to do with protectionism and fragmentation. Because protectionism is not just something that hampers the flow of goods or services. It’s a mindset. It’s a mindset of closedness… we need to have an open mindset rather than a closed mindset.”
Watch Frenkel’s full remarks in the video above.