'Geopolitical turmoil' is the biggest risk to companies' bottom lines right now, according to professor Jeffrey Sachs. Watch the full video:
In an interview with CNBC, Sachs also stated that productivity measurement in the U.S. is outdated due to technological improvements in modern devices like computers and smartphones, and he expressed concern about artificial intelligence advancements, stressing a need for more regulation in the AI sector.
He said issues between China, Ukraine and Russia are major reasons why global profitability is low. Trade conflict between the U.S. and China is strained due to a history involving tariffs, tech rivalry and alleged spying. As a result, the U.S. government is dismantling long-standing"If we want clear sailing on the economy. ...we should reduce the tensions between the United States and China.
He explained, "When you're producing a ton of steel or a bushel of wheat you can talk about productivity pretty specifically, when you're producing a range of services, a lot of which are now digital, or you're providing education in different ways or information is flowing in different ways. Our government is so far behind in measurement issues that I personally don't pay too much attention to the official data on productivity.
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