The election of Donald Trump and the Brexit vote have helped boost small businesses and consumer spending as previously disillusioned voters feel they “have a voice” on the global economic stage, BlackRock (NYSE:BLK) CEO Larry Fink said on Friday.
Speaking at the annual World Economic Forum in Davos, Fink, who presides over the world’s largest investor, said the aftermath of both votes – which shocked the economic and political establishment – have already led to rising spending in the UK and US, defying prior warnings of market and economic turmoil.
Car sales in the US, for example, have seen a boost since Trump’s election victory.
Seems Fink, whose asset manager handles $5tln, is among those contradicted by events. Before the Brexit referendum, Fink warned of a recession in the UK, predicting it would slash two percentage points off GDP on the back of declining investment and consumer spending.