Radio Davos We have entered the age of "persistent disruption" - Visa's Wayne Best on the Chief Economists Outlook
Sep 23, 2025
Wayne Best, Chief Economist at Visa, discusses the shift to a new economic reality marked by persistent disruption. He highlights how political changes and trade disruptions have increased uncertainty in the global economy. Best notes that while AI presents opportunities, the productivity gains will take time due to governance challenges. He also contrasts growth and inflation prospects across regions and emphasizes the need for advanced economies to focus on technology while developing countries require capital. Best advises recalibrating strategies to adapt to these new dynamics.
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Growth Weakness With Rising Fragmentation
- Three quarters of chief economists expect weaker global growth and rising geoeconomic fragmentation.
- AI is seen as rapidly commercializing but its productivity payoff is expected to lag behind the hype.
Assistive Today, Transformational Later
- Early generative AI uses are mainly assistive and time-saving, not yet productivity-transforming.
- True commercial disruption requires redesigning systems and firms built from the ground up with AI.
Regions Are Charting Different Economic Paths
- Regional divergence is increasing as countries follow different monetary and inflation paths.
- Labour force size will limit potential growth rates in advanced economies like the US and Europe.