Asian stimulus packages can build a middle class that will pull the global economy out of its doldrums, Jim Awad, managing director at Zephyr Management told CNBC Tuesday.
The US consumer is unlikely to be the engine for growth in the near term, given asset depreciation in homes, portfolios, 401(k)s and rising unemployment and low wage growth, Awad told “Squawk Box Asia.”
“Growth this time is coming from Asia and it’s Asia that’s going to the locomotive driving the world economy,” he said.
Stimulus packages like those in China can create a new middle class in Asia, brining it “to where America was in the 50s,” Awad added.
- Click Here to Watch Awad Interview: Growth is Going to Come from Asia