Italy surprised much of the world when it became the first—and only—member of the G7 to join China’s Belt and Road program in 2019. Just four years later, Italy withdrew from the initiative. The about-face served as a microcosm of the geopolitical landscape’s evolution. Policymakers have long viewed the economy through a geopolitical lens. But the overlap between the economy and national security has grown, increasingly becoming the focus of today’s geopolitical fractures amid global competition over trade, technology and defense.
This episode of The Outthinking Investor explores the ways in which nations are balancing economic and security priorities, and how investors can leverage geopolitical analysis to make informed portfolio decisions in a changing world. Our guests are Mark Esper, former US Secretary of Defense and author of “A Sacred Oath: Memoirs of a Secretary of Defense During Extraordinary Times”; Nobel Prize-winning economist Michael Spence, senior fellow at the Hoover Institution, former Dean of the Stanford School of Business and co-author of “Permacrisis: A Plan to Fix a Fractured World”; and Magdalena Polan, PGIM Fixed Income’s Head of Emerging Markets Macroeconomic Research. Topics include the three main forces affecting the global economy, how national defense is influencing economic policy, the geopolitical factors impacting trade flows and emerging markets, and whether the peace dividend is evaporating.
To learn more about the macroeconomic and investment implications of geopolitical risks, explore PGIM’s 2024 Global Risk Report, Resilient Investing Amid Geopolitical Uncertainty, at PGIM.com.
Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com.
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