Emirates President Warns: 'We Are in Troubled Times,' as Global Reset Looms
Photo Caption: Sir Tim Clark is one of the airline industry's most experienced executives. Ajay Awtaney
Skift Take
With 50 years in the airline business – and more than 20 at the top of the world’s biggest international carrier – Sir Tim Clark’s observations carry credibility.
The president of Emirates has said the world is likely entering an economic reset. Sir Tim Clark’s comments come as the travel industry assesses the fallout from a turbulent week on international financial markets.
“Right now, at this moment, we are in troubled times. The U.S. domestic market for the big three over there is facing difficulties,” Clark said on CNBC Tuesday.
Asked why he believes the world is entering uncharted economic territory, Clark highlighted the scale of the changes taking place: “It involves a measure of reset to a level that the global economy probably hasn't seen since perhaps the financial crisis of 2008-09.”
Investors are spooked by the introduction of tariffs on goods entering the U.S. and a subsequent hit to global trade.
“Obviously, the United States administration is out to reset, something which is going to take a lot longer than an overnight arrangement. In that time, there may be some troubled waters,” warned Clark.
Sir Tim has seen his fair share of economic peaks
