At Private Banking & Wealth Management London 2024, hosted in Victoria, the keynote speech from Philippe Gijsels, chief strategy officer at BNP Paribas Fortis, highlighted the difficult economic times ahead.

He stated that the current market was “the most complicated environment I have ever seen in terms of economics”.

It is “very difficult to see what central banks are going to do”, he added, stating that “the short term is very hard to read”.

Upcoming changes worldwide

BNP Paribas Fortis is the Belgian arm of BNP Paribas and took great notice of the elections within that country this year. In fact, many countries will be having an election this year and trends are beginning to show.

Gijsels said: “What we saw in Belgium is the same we see across the world and that is populists winning. The US election is almost a disaster in terms of choice, but one of them, if they survive until November, will be elected President.”

He continued: “It’s very hard to find voters to vote for you if you increase taxes or spending so we are stuck with deficits for some time to come. On the other hand, this makes it almost impossible to enter a recession.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, innovation is “interesting” in a market such as this as it is “a wildcard and definitely deflationary”.

Other predictions included “the largest commodities market ever seen” and while equities are not doomed, you “should play a much closer game as gains are lower than before”.

To look into and register for future events, click here.