OGDEN -- The waves of a rapidly changing global economy will soon be felt in Utah, says one international banking expert.
Robert B. Albertson, a banking industry lecturer and news commentator, was the featured speaker Wednesday at the Bank of Utah's annual Economic Outlook Breakfast. He spoke at the Eccles Conference Center about trends in the global economy and how they will impact Utahns.
Albertson, who also serves as principal and chief strategist of the New York-based investment banking firm, Sandler O'Neill & Partners, said the future, in terms of how economies operate and thrive, is very complex.
"You have no idea, in my judgment, how much these global changes will affect our lives and our country," he said. "It's going to be a very different world than what you're used to."
Albertson said one of the biggest changes in the global economy is the impending demise of economic systems that are driven by consumers within that particular system.
"The era of strong consumption is over," Albertson said. "We don't have the income to support continued momentum."
Albertson said that in order to be successful in the future, states will have to look to consumers outside of the United States to drive their economies, focusing on manufacturing and exporting goods to emerging markets.
Albertson said emerging markets are nations with social or business activity in the process of rapid growth and industrialization. The economies of China and India are considered to be the largest.
"You will really have to capitalize on growth outside of the country," he said.
With an unemployment rate of 5.2 percent -- tied for the eighth lowest in the country -- Utah hasn't yet had to deal with changes in the global economy, but it will, said Albertson.
"Everyone knows Utah is a good market and it's better than most," Albertson said. "So the changes will come slower."
Albertson will speak again at
8 a.m. today at the Grand America Hotel, 555 S. Main St., Salt Lake City.