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Goldman Sachs CEO David Solomon Sees Inflation Troubles Ahead

David Solomon

David Solomon and Allison Nathan of Goldman Sachs {Exchanges at Goldman Sachs podcast)

David Solomon, CEO of Goldman Sachs, is optimistic about the markets and investments in the coming year, especially in certain fields that just so happen to be central to Israel Startup Nation. He expects that 2023 will see a rebound from 2022 which saw a worldwide financial crisis caused mainly by the Russian invasion of Ukraine that was followed by economic sanctions on Russia and uncertainty among investors. But David Solomon is still concerned with inflation commenting, “Inflation is going to be stickier and harder for us to manage.”

The comments on the economy and what to expect in 2023 were made by David Solomon on an episode of the Exchanges at Goldman Sachs podcast. And they give hope for startups in Israel that saw money dry up and a 2022 characterized by layoffs that have continued into the start of 2023.

“Inflation is going to be stickier and harder for us to manage,” David Solomon told podcast host Allison Nathan. “We’re still in an uncertain period, but we’ve got very strong employment. The consumer has been very resilient. I do find that big global businesses are operating a little bit more cautiously. They’re paring back capital spending to some degree. They want more of a clear trajectory before they look ahead and so, [it’s] a period of uncertainty. But it certainly feels a little better than it felt last summer.”

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David Solomon described 2022 as a “difficult year for investors’ portfolios, and while our Investment Strategy Group expects this year to be less turbulent for markets, there is still a fog of uncertainty facing investors.”

But he sees that there has already been a warming up at the start of 2023.

“My expectation will be in 2023, we’ll start to see a pickup in capital markets activity as market sentiment adjusts and accepts valuation levels, cost-to-debt levels, funding levels, and I think that process is ongoing,” said David Solomon. “And so I see some green shoots there.”

David Solomon thinks medtech, and healthcare – all fields in which Israel Startup Nation takes the lead – are areas that will be significant in 2023 saying they are all, “things that are very exciting and also very economically positive.”

And artificial intelligence, added David Solomon, will also be important adding, “Some of the new AI technologies and the implications that they’re going to have for workflows and business processes — we’re thinking about it a lot in our business — are things that you can be very, very optimistic about.”

So, if the markets work in the way that David Solomon thinks then 2023 should be a good year for world economies with investments in startups resounding.



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