No signs of global recession in next 12 months – BlackRock's Fink

BERLIN (Reuters) – BlackRock Inc.'s chief executive Larry Fink said in remarks published on Saturday.

In an interview with German business daily Handelsblatt, Fink warned, however, that the overall economy was in the late stages of a long growth cycle, suggesting that it was becoming more likely.

"12 months ago," said Fink, who leads the world's largest badet manager.

"The central banks have a weakened position in the marketplace." "We will go through a phase in which we are not very good."

He added: "But we are naturally in a late phase of the economic growth cycle."

The International Monetary Fund cut its global economic growth forecasts for 2019 this month and said growth could be slowed down due to a lack of trade and the risk of Britain leaving the European Union without a deal.

The global lender said some major economies, including China and Germany, might need to take steps to prop up growth and that a severe downturn may have required coordinated stimulus measures.

German Finance Minister Olaf Scholz has taken a leading role in Europe's biggest economy, saying tax cuts, higher investments and a solid labor market will continue to provide growth impetus.