GE CEO: It is the end of the ‘global elite’

Monday, February 27, 2017
By Paul Martin

Prashanth Perumal

America “will be less of a leader in trade” in the coming years, according to Jeff Immelt, GE’s chairman and CEO.

“We’re in an era when some very basic assumptions about the global economy are being tested,” he said in his annual letter to shareholders. “There is deep skepticism toward the ideas that powered economic expansion for a generation.”

That said, globalization is not coming to an end, according to Immelt. The time of the “global elite” might be, however.

“Are we witnessing the end of globalization? I don’t think so,” he said. “It is the end of the ‘global elite,’ those who see the world only from financial centers or a website. Most ‘Global Institutions’ are 70 years old and must be modernized to address contemporary global challenges.”

Here’s what he had to say about globalization:

“Attitudes on globalization have been changing, and it is important that we remain agile to move on our own. There is a strong trend toward economic nationalism all over the world. Governments will execute heavy influence over the economy, with an even stronger focus on local job creation.”

The Rest…HERE

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