Famous banker and HDFC Ltd Chairman Deepak Parekh said on Tuesday that at this time the world is not facing economic stagnation but autocratic powers.
Along with this, he said that the way the world is facing many crises at the same time, it is a ‘global multi-crisis’ situation.
While addressing the Kolkata section of ‘Indian Chamber of Commerce’, Parekh said that while striking a balance between the goals of globalization and self-reliance, now every country has to set its own priorities and keep its competitive edge in mind.
“What is more disturbing in this period is that bilateral relations have become so divided that at this time there is an atmosphere of mistrust and polarization between the countries,” he said.
Parekh said, “In such a situation, the biggest risk facing the world at this time is autocratic powers, lack of cooperation and increasing tendency to use trade as a weapon rather than economic stagnation. This has also been seen in the case of energy supply, natural resources and semiconductors.
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