West to East - a preview of the next five years

WEST TO EAST

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Chris Bailey, head of global direct investments at Close Brothers Asset Management, discusses the shift of power and wealth to the developing world and its impact on the West.

A number of months ago, a famous economist working for a large investment bank came into our London offices and in conversation made the remark that ‘half the world’s population wakes up and does not think about recession’. This one comment captures the current state of play between the developed and Asian economies. Above and beyond the high profile eurozone crisis, the major economies of the developed world continue to struggle. High debt levels have reduced the propensity to consume and, given consumption is typically well over 60% of a modern developed market economy, this hugely cri...

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