Thoughts from the AIME CEO Summit
IBTM Events, 06 Mar 2013 12:00
Portfolio Director Meetings/Incentives/Business
I had the pleasure of being part of a gathering of CEOs at the AIME inaugural CEO Summit in Melbourne last week. At the event Jonathan Pain, who writes and publishes the widely read investment newsletter The Pain Report (www.painreport.com.au) shared his views, somewhat contrarian, on the changing state of the global economy. He had some interesting points I thought were worth sharing.
We’ve all heard of the Asian century and many of us now take it for granted that Asia is going to dominate our world view for a few decades to come but Jonathan urged the gathering to put this into perspective.
He said that 10 per cent of the world’s population live in western countries where economies are submerging while 90 per cent live in eastern economies that are emerging. He argued that there was no GFC, just a WFC – a western financial crisis – and although western media sources, in particular Rupert Murdoch’s media, have reported with a western centric bias, Jonathan Pain reminded us that the GFC did not have the same effect on Asian or South American economies.
In the changing world, he believes we need to relook at the prism through which we see the world. The western media, according to Pain, focuses so heavily on the negative news of emerging nations that we are unable to see the opportunities on our doorstep. Australia, he says, is well located to benefit from immense economic growth in the region but the media feature only drug busts and terror attacks. Nothing, for instance, is reported of Indonesia’s phenomenal economic growth and the opportunities this presents Australia.
Australia is certainly seeing growth in business events and thanks to the AIME CEO Summit there are now a number of CEOs who will no doubt think more deeply on Asia and the opportunities ahead as they seek to grow their business in 2013.