BlackRock CEO Fink: World Economy to 'Recover Steadily'
March 30 2020 - 4:45PM
Dow Jones News
By Dawn Lim
BlackRock Inc. Chief Executive Laurence Fink on Monday said he
expects the world economy to "recover steadily" from the
coronavirus outbreak.
In a letter to shareholders, Mr. Fink said the recovery will
have steady momentum because the current market stress doesn't rise
to the magnitude of a typical financial crisis. Its roots aren't
insolvent institutions and investors collapsing from exposure to
risky financial instruments.
Meanwhile central banks and governments worldwide have acted
swiftly to shore up markets, Mr. Fink said.
"Their actions are likely to be more effective and work more
quickly since they are not fighting against the same structural
challenges as they were a decade ago," he said.
Mr. Fink warned that heavily indebted businesses face deep
challenges ahead, and that poorly designed stimulus programs could
disproportionately shift economic burdens on some individuals.
BlackRock was tapped last week by the Federal Reserve to help
steer tens of billions of dollars in bond purchases, a move that
puts Mr. Fink and the world's largest money manager under
significant scrutiny for how the firm executes the government's
response to the crisis.
Write to Dawn Lim at dawn.lim@wsj.com
(END) Dow Jones Newswires
March 30, 2020 16:30 ET (20:30 GMT)
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