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Top US Economist Says US Is Getting “Lonely” In The World Economy
Link: https://kolozeg.org/top-us-economist-says-us-is-getting-lonely-in-the-world-economy/
Top economist and ex-US Treasury Secretary says country is losing influence as China and Russia band together in alternative trading blocs. Former US Treasury Secretary Larry Summers has warned that America is losing global influence as other powers form trading blocs. | Globalization and the American-led financial order are giving way to a more fragmented world economy in which other powers are aligning in trading blocs that diminish Washington’s global influence, former US Treasury Secretary Larry Summers has claimed. “There’s a growing acceptance of fragmentation, and – maybe even more troubling – I think there’s a growing sense that ours may not be the best fragment to be associated with,” Summers said on Friday in a Bloomberg News interview. He made his comments following a week of World Bank and International Monetary Fund meetings in which finance chiefs reportedly discussed efforts to “reshape supply chains away from China and other strategic competitors.”
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