Blackstone COO warns of tech disruption, geopolitical risks

Blackstone President and COO Jonathan Gray said technology-driven disruption, geopolitical conflicts and rising government debt are key risks to the global economy, while improvements in India's infrastructure and investment climate are supporting its growth prospects. Speaking at the Bloomberg New Economy Forum, Gray said artificial intelligence and superintelligence will transform consumers, businesses and governments, comparing the potential change with the Industrial Revolution between 1870 and 1900 in the United States. He said governments facing fiscal constraints could support growth by simplifying rules and tax policies to attract foreign capital.

Times Now reports Gray said India's capital markets are 'probably second only to the United States' in liquidity and that Blackstone has moved multiple companies to India for listing, attributing the change to capital-market reforms and openness to foreign investment over the past two decades. The Economic Times adds that Gray warned about 'the lack of fiscal sustainability in western governments', with debt exceeding 100 per cent of gross domestic product making it hard to respond to future shocks. Tata Sons Chairman Natarajan Chandrasekaran flagged risks from technology misuse by bad actors and labour market restructuring, while former UK PM Rishi Sunak cited 61 state-based armed conflicts worldwide and warned economic security was becoming inseparable from national security.