Lazard CEO says global political risk severe


Milken Institute Global Conference in Beverly Hills, California

Peter Orszag, CEO of Financial Advisory, Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake Acquire Licensing Rights

NEW YORK, Nov 9 (Reuters) – Lazard (LAZ.N) Chief Executive Officer Peter Orszag says the geo-political risk to the global economy is severe and that if the U.S. government shuts down next week Ukraine aid will be the cause.

Speaking at the Reuters Next conference in New York, Orszag pointed out the unusual combination of the constructive U.S. macro environment with severe political risks globally.

He said Europe’s economy was less constructive and that he believed that China’s outlook in the medium term would also be challenging.

Lazard’s chief said a lot of the factors that led to low real interest rates were still present.

The pandemic has played a much larger role in the run up and decline in inflation than conventional wisdom reflects, he added.

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Editing by Leela de Kretser, Mark Porter and Emelia Sithole-Matarise

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Lananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times. Lananh spent more than a decade at Bloomberg News in New York and London, where she wrote extensively about banking and financial markets, and she previously worked at Dow Jones Newswires/The Wall Street Journal. Lananh holds a B.A. in political science from Tufts University and an M.Sc. in finance and economic policy from the University of London.

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