China, Russia, South Korea and Brazil will account for 70-75 per cent of global GDP within 5 to 10 years, and with economic power comes the demand for political power, Folker Hellmeyer, chief analyst at Solvecon Invest, tells Svenska Dagbladet.
Interviewed by the newspaper in conjunction with a dinner arranged by Swedish-German Chamber of Commerce, the economist says: “Whether we are talking about trade or geopolitics, the problem we are seeing today is that we in the West are not prepared to cede power, and the countries that are on the rise refuse to accept the power regime, which has existed”.
On the subject of technology and a new digital infrastructure, Hellmeyer believes EU member states should pool together and develop their own IT cloud, hardware, software and broadband.
He also says that Brexit will benefit Europe for two reasons; firstly, the British have prevented integration in the union, and secondly, a number of international firms are moving from Britain to Europe, which will create job growth, he argues.
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