The U.S. lost its top position as the world’s most developed financial system, according to a study from the World Economic Forum and economist Nouriel Roubini. The rankings list the U.K. first, Australia second and the U.S. third. London replaced New York as the world’s premier financial center, Roubini said. “London and the U.K. are looking ahead of New York and the United States,” he said. “Overall, both bank and nonbanking activities, in terms of [mergers and acquisitions], venture capital, broker-dealers, investment banking — at the margin suggests that there is a strength now in the U.K. and London.”

Article:  Telegraph (London)

   

In its quarterly “Global Prospects” research publication, the Centre for Economics and Business Research predicts that Europe, the U.S. and Canada will generate less than 50% of global economic output this year. “We had expected this to happen but not quite so soon,” CEO Douglas McWilliams said. “The West will have to start to get to grips with the fact that we are no longer dominant and cannot expect to have things our own way.”

Article:   Bloomberg