Mohamed El-Erian, Co-CEO of PIMCO, was on CNBC’s Squawk Box in March 2010 and talked about his view of what PIMCO has dubbed “The New Normal” in the investing world.
In sum, El-Erian’s view is that we are seeing a “Paradigm Shift” in growth from the advanced economies of the world such as the U.S. and the U.K. to the emerging countries such as China, India, Brazil, and the like.
“We will see a continuous migration of wealth and growth dynamics from advanced economies to the rest of the world,” El-Erian told the CNBC audience.
The said he expects to see "a multi-speed world" where "part of the world is going to grow and grow robustly. There's going to be another part, the U.S. and U.K., that is going to have difficulty once all the stimulus and inventory cycle goes through."
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