UBS On-Air: Paul Donovan Daily Audio 'Efficiency versus GDP'

Investors’ sudden discovery of China’s DeepSeek arguably reminds markets of the Fukushima Effect —people adapt when facing adversity (e.g. restrictions on China’s access to technology). On a larger note, output economics and GDP tend to ignore the benefits of efficiency. A culture that venerates GDP is a culture that may miss out on the benefits of a more efficient world.