IFC | Wed, Jan 27, 2021
by Afsaneh Beschloss
This interview was written by John Donnelly on the IFC blog.
Afsaneh Beschloss, Founder and CEO of the investment firm RockCreek, has been Treasurer and Chief Investment Officer at the World Bank, an economist at Oxford, and a partner at the Carlyle Group. She also sits on the Board of GAVI–The Global Alliance for Vaccines and Immunizations–giving her a front-seat view to vaccine distribution worldwide.
In this far-ranging interview, edited for length and clarity, Beschloss shares her perspective on several consequential issues facing the world today: prospects for more foreign investment in emerging markets; how to achieve more equitable distribution of vaccines for all; and the chances for the rise of multilateralism in the near future.
Q: What’s your 2021 forecast for the global economy – what sectors do you see bouncing back and what areas will continue to struggle?
A: I think this year is going to have a lot of surprises, positive and negative. My thought process right now is that a few things are going to be dramatically different. One is that the big political changes in the U.S. and in some other countries, including in some emerging markets, will certainly impact their economies and markets positively especially given the scale of planned stimulus. More importantly, you have had this incredible trend of outflows of assets out of emerging markets in 2019 and part of 2020. And I think that is changing right now, as there are going to be a lot more flows into emerging markets in 2021 – though much is going mainly to northern Asia and not evenly across all regions.