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The problem of “angry societies” has shifted the global political landscape in ways that were unthinkable in the past, according to Credit Suisse.
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Among those changes are a nationalistic shift in government policies and the U.S. withdrawal from multilateral agreements that it once led, said Lito Camacho, vice chairman at Credit Suisse Asia Pacific, on Tuesday.
“This theme of angry societies has been a brewing problem created by many different factors: The gap between the rich and the poor in many countries, you’ve got issues surrounding immigration and so on,” he told CNBC’s Martin Soong at the Credit Suisse Global Supertrends Conference in Singapore.
“And it’s creating angry people that’s changing the political landscape around the world,” he added. “It’s really a new world we’re faced with.”
Other experts had said that the rise of populism in recent years was a contributing factor behind the election of U.S. President Donald Trump and the U.K.’s vote to leave the European Union. Such developments came at a time when China marked the start of its rise as a global superpower — a trend that many western economies are learning to cope with, Camacho pointed out.
Countries in the west dominated the world economy for much of the last 200 years, he said. But China, by some measure, has become and will remain the largest contributor to global growth, according to forecast by the International Monetary Fund.