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Foreign Policy Live

Larry Summers on China, Russia, and the Global Economy

Foreign Policy Live

Foreign Policy

Politics, News Commentary, News

4601 Ratings

🗓️ 14 April 2023

⏱️ 36 minutes

🧾️ Download transcript

Summary

Could the United States enter a recession this year? Renowned economist Larry Summers thinks such a scenario is more likely than not. He also thinks the United States’ increasingly hawkish China policy is dangerous for the world. Summers discusses all that and more with host Ravi Agrawal.  FP subscribers can watch these interviews live and submit questions and suggestions by going to https://foreignpolicy.com/live/. Suggested reading: Jessica Chen Weiss: Is America’s China Policy Too Hawkish? Adam Tooze: Why a Soft Landing Is Possible Even if It Defies Economic Theory Agathe Demarais: Don’t Trust Russia’s Numbers Adam Posen: America’s Zero-Sum Economics Doesn’t Add Up Eswar Prasad: The World Will Regret Its Retreat From Globalization Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi, this is Ava from Vanta.

0:02.0

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0:07.0

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0:10.0

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0:13.0

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0:17.0

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0:21.5

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0:26.4

and I'm not to say that because I work here. Get started today at banta.com.

0:31.6

Hi, I'm Ravi Agrawal, Foreign Policy's editor-in-chief. This is FP Live.

0:36.6

Thank you. Foreign Policy's editor-in-chief. This is FP Live.

0:42.6

Welcome to this show.

0:48.5

Economic policymakers from around the globe traveled to Washington this week for the IMF and World Bank's annual spring meetings. I was just there too, and I had a fascinating discussion

0:53.7

with the finance ministers of Chile and Albania.

0:56.5

But in general, the backdrop to the meetings was stark.

1:01.0

The IMF warned of an anemic outlook for the global economy amid rising interest rates, stubborn inflation, and the war in Ukraine.

1:09.0

It projects global growth to slow to just 2.8% this year.

1:15.1

And that led U.S. Treasury Secretary Janet Yellen to warn that we shouldn't overdo the negativity.

1:21.6

Her prognosis is that the economic outlook is actually reasonably bright.

1:26.4

Well, which is it? And since this is FP, how is Russia's

1:30.0

economy doing amid U.S.-led sanctions? And how worried should we be about the economic impacts

1:35.9

of a more hawkish China policy in America? Well, this week, we have one of the world's smartest

1:41.4

economists to answer those very questions. Larry Summers is a

...

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