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23.10.2024

American economy is likely to avoid recession, regardless of the results of the presidential election - Blackstone

Steve Schwarzman, Blackstone Inc. chief executive officer, said that the US economy is likely to avoid recession, regardless of who wins the presidential election, which will be held on November 5. He added that the policy proposals of both candidates are aimed at stimulating economic growth. Overall, the upcoming U.S. elections will be one of the most important events for global markets and economies this year and next. 

The policies proposed by the candidates - for example, Trump's proposed tariffs and Kamala Harris's proposal to increase housing affordability - will make a big difference to companies including Blackstone. Schwarzman said that Democrats have historically taken a more “vigorous approach” to regulation, and this may affect some buying and selling for the private equity industry. But, he warned that many policy proposals in the field of economics and taxes will have to be made by Congress, not by the president.

Schwarzman also said he sees an improving environment for making deals and exiting investments as interest rates are likely to continue to fall in the US.

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