Rieder spoke of the uncertainty that AI portends as for jobs are concerned
On his first visit to India, BlackRock Chief Investment Officer for Fixed Income Assets, Rick Rieder said India’s economic growth was unlike what he had ever seen.
Speaking at India Global Forum’s https://indiaglobalforum.com/ Annual Investment Summit ‘NXT10’, Rieder, who oversees about US$2.6 trillion at BlackRock, said, “The world is shifting in terms of where the balance of power is, where the growth economically is, and where the investment opportunity is in the world.”
“The amount of growth you’re seeing in India, in terms of the transformation of this economy to a digital economy… So, the places I see from an equity (investment) https://www.investindia.gov.in/ opportunity point of view are India, Japan and the US because technology is changing the world faster than people think.”
Describing India’s demographics as “extraordinary,” Rieder https://www.blackrock.com/sgemph asised that while fiscal and monetary policies can temporarily influence the economy, the long-term trajectory is largely determined by demographics and immigration.
“I don’t think there are enough people for the jobs available today in much of the world because you’re seeing this transformation of economies and how immigration plays out,” he said, citing recruitment figures from America.
On the impact of technology on the job markets, Rieder spoke of the uncertainty that AI https://indiaai.gov.in/ portends. “When people talk about inflation is going to be here over the next 3-5 years, I don’t think you know because I don’t think you know how artificial intelligence is going to impact jobs.
“A number of studies suggests that 35 to 65% of the jobs are either going to be augmented or eliminated by artificial intelligence. What’s driving inflation much of the world today is wages because we just don’t have enough people.
“So, if you’re going to take the workforce down a third to a half over the next number of years, it’s going to have a huge impact on growth, inflation https://rbi.org.in/ .”
“One thing I’ve learned about markets and investing is that markets don’t react to things until the shark is right next to the boat. So, as you get closer to elections in whatever the region, you will see some pretty impactful things that can change how you’re investing in different assets and what regions you’re investing in,” Rieder remarked on the impact of global elections slated this year.
‘NXT10’ heralds a pivotal decade for India as a global powerhouse, convening leading figures from the world of business, politics, art and culture to discuss what the next ten years beckons for India’s economy and geopolitical standing.
India Global Forum (IGF) tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity. Fiinews.com
