Counter Power of Uncertainty
Richard Fisher of the Federal Reserve Bank of Dallas underscored the belief that uncertainty is a leading driver of stalled economic recovery when he said: “Right now, nobody knows what the tax regime is going to be. Nobody knows what the spending patterns are going to be. No one knows how much regulatory change is going to take place. The greater the clarity, the more you remove a factor of uncertainty. Even if (businesses) don't like it, they'll figure out a way to navigate their way through it. Right now, there are no decisions being made. And it undermines confidence.” While he was referring to circumstances in the U.S., his sentiment is just as applicable to much of the global economy.
Developing and implementing a viable roadmap that will help policy makers and business leaders navigate the maelstroms of this storm will go a long way towards reinvigorating sustainable economic growth and strengthening global economic security.
Alexander Mirtchev is President of the Royal United Services Institute for Defence and Security Studies (RUSI) International, President of Krull Corp., and a member of the Atlantic Council's Board of Directors and Strategic Advisors Group.
Developing and implementing a viable roadmap that will help policy makers and business leaders navigate the maelstroms of this storm will go a long way towards reinvigorating sustainable economic growth and strengthening global economic security.
Alexander Mirtchev is President of the Royal United Services Institute for Defence and Security Studies (RUSI) International, President of Krull Corp., and a member of the Atlantic Council's Board of Directors and Strategic Advisors Group.