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World economy nearing 'inflection point,' Mohamed El-Erian warns

Allianz economist stresses political class must 'step up' in 2017

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Mohamed El-Erian, chief economic adviser at Allianz   © Reuters

NEW YORK -- The world economy is chugging along slowly but fairly smoothly, underpinned by accommodative monetary policies. Prominent economist Mohamed El-Erian, however, does not share the widely held view that 2017 will bring more of the same.

While U.S. stocks continue to touch new highs amid the so-called Trump rally, the prospect of further Federal Reserve interest rate hikes is casting a shadow on emerging markets. Upcoming European elections, meanwhile, could unleash new political shock waves. El-Erian, who serves as chief economic adviser at Allianz, recently told the Nikkei Asian Review that the world economy's path is "getting less stable."

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