Nouriel Roubini warned Wednesday that talks to avoid a US default could drag on, with failure to agree on a debt ceiling likely to hit markets and damage confidence in the dollar over the longer term.
“They may get to the last hour before there’s an agreement,” he told Bloomberg TV on the sidelines of the Qatar Economic Forum in Doha. “Or it’s possible they don’t reach an agreement. If that doesn’t happen, then the market is going to crash.”
The chairman of Roubini Macro Associates, who is best known for his predictions of economic doom, said geopolitical tensions from Ukraine to Iran, and worsening ties between the US and China could prove a major challenge for the global economy this year.
Already flush with cash from higher oil and gas prices, Gulf investors are likely to deploy their money privately, with a particular focus on technology, because public equities had become overvalued, Roubini added.
Speakers coming up include Blackstone Inc. Chief Executive Officer Stephen Schwarzman, and the International Monetary Fund Managing Director Kristalina Georgieva alongside finance ministers from Saudi Arabia and Qatar.
NOTE: The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg.
Key Highlights From Tuesday:
- Saudi Energy Minister Tells Oil Speculators to ‘Watch Out’
- Moelis Preparing for M&A Rebound Once Fed Stops Rate Hikes
- Wealth Fund QIA Joins SoftBank, BlackRock in Private Credit Push
- Mnuchin Says US Is ‘Moving Closer’ on Debt Deal as Talks Drag On
- Qatar Warns Europe of Gas Shortages in Switch to Renewables
- Poland Is ‘Quite OK’ With Zloty Gains, Finance Minister Says
- Boeing CEO Cautions That Supply Woes Could Last ‘Very Long Time’
- Standard Chartered CEO Sees ‘Reasonable Stasis’ in World Economy
- Rwanda on Standby to Receive UK Migrants, President Kagame Says
Bangladesh Can Pay Back IMF Loan, PM Says (10:17 a.m. Doha)
Bangladesh is in a position to pay back the loan taken from the International Monetary Fund to shore up its economy, Prime Minister Sheikh Hasina told the Qatar Economic Forum on Wednesday.
Authorities have raised energy prices, reduced subsidies and taken steps to unify the country’s multiple currency exchange rates. The nation’s ability to implement the Washington-based lender’s prescriptions will remain key as it weighs a credit rating downgrade, Moody’s Investors Service said in April.
Insider’s Cilingir Says Valuation Close to $2 Billion After New Funding (8:30 a.m. Doha)
Hande Cilingir, CEO and co-founder of Turkey’s AI-backed marketing platform Insider, said the firm’s valuation was “close to $2 billion” after it received $105 million in additional funding from Qatar Investment Fund and Istanbul-based Esas Private Equity.
She said the money would exclusively be used for mergers and acquisitions with a focus on US and European markets. She expects to launch an Initial Public Offering in 2025 or early 2026.
--With assistance from Ben Priechenfried, Muneeza Naqvi, Arun Devnath and Ercan Ersoy.
