The global economy is experiencing an extensive and redefining power shift with China leading the way, said Ian Bremmer, the CEO of Eurasia Group. Financial markets will continue to collapse, however, if players within those spaces do not adapt.
“China will become the world’s largest economy in the next 10 years,” said Bremmer, “but it will still be a poor country.” He made his comments during HousingWire’s REthink Symposium under way in Palm Beach Gardens, Fla.
Bremmer kicked off the symposium with a keynote speech on global economics. He said that nations with money, regardless of interior makeup, will control the global financial infrastructure.
Unlike the United States after the World War II, financial powerhouses such as Russia and India lack the will or desire to create a financial guiding light. Bremmer added this lack of leadership from so-called G-classed nations, “a G-Zero world.”
Wars will become more financial in nature, he predicted, especially over precious resources, such as oil. “The big oil producers are quite stable,” Bremmer pointed out. Europe, on the other hand, appears to be on a dual track, where countries with stronger economies push influence in countries with weak economies.
“Leaders in Greece and Italy are being appointed by Brussels,” he said, “it’s not fair, it’s not democratic, but that’s where it’s going.”