Asset Management

El-Erian warns global economy risks ‘stumbling into depression’

Renowned Allianz economist tells FN there will be a swing in corporate focus from efficiency to resilience

 Mohamed El-Erian
Mohamed El-Erian Photo: Getty Images

Mohamed El-Erian, chief economic adviser to Allianz and former Pimco chief executive, says the Covid-19 crisis will lead to a period of de-globalisation, forcing companies to prioritise resilience over their ability to remain nimble.

El-Erian, also a former deputy director of the International Monetary Fund, warned economies would have to untangle a “spaghetti bowl” of unprecedented intervention from governments into the private sector, which have been made in recent weeks.

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