PA's chairman, Jon Moynihan, has had his recent interview with French Magazine Le Nouvel Observateur mentioned on European Radio Network (Euranet), Romania.
The article on Euranet discusses how the two leaders Merkel and Hollande are divided on Europe and how this is leading to a debate in France. The article then draws upon the content from Jon's interview in Le Nouvel Observateur.
The article explains: “French magazine Le Nouvel Observateur recently interviewed Jon Moynihan, executive chairman of British Company PA Consulting Group. The article examines how the West is heading towards a catastrophe because the average Western salary – at $135 dollars per day – cannot compete with the $12 daily average salary in urban China.
“In a globalised economy, this gap is not sustainable and jobs will therefore continue to migrate to low-wage regions. Entire sectors – including light industry, steel and electronics – have already moved to China, India and other emerging countries. Aeronautics and automotive will be the next to go.
“Decline is therefore inexorable. The conclusion is that jobs lost from the West will not come back and – until 2025 – the West will have to accept the change and adapt to a reduction in salaries of at least 50 per cent.”
This article is based on the interview in Le Nouvel Observateur and a talk given at the LSE by Jon Moynihan. Click here for more information.
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