Blackstone Group (BX) CEO Steve Schwarzman, a confidante of President Donald Trump, said in a new interview that the global economy has slowed but he remains confident the United States and China will not face recessions anytime soon.
“Global growth has softened for sure,” he says. “But certainly in the US, certainly in China, we're not having recessions.”
While Schwarzman expects the U.S. and China to weather economic challenges over the coming months, he expressed concern about how a global slowdown could imperil Europe. Germany, long the continent’s strongest economy, said its economy will grow by just 0.5% this year, as reported last week by Economy Minister Peter Altmaier.
After he graduated from Harvard business school, Schwarzman joined Lehman Brothers, where he rose to managing director at age 31. In 1985, he co-founded the private equity firm Blackstone Group, which raised $830 million for its first fund. The company currently has $512 billion in assets under management and 23 offices worldwide.
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