Ray Dalio at WGS 2023 in Dubai on Wednesday Image Credit: Ahmed Ramzan/Gulf News

Dubai: American billionaire investor Ray Dalio, said India will be the country to record the highest growth in coming years.

Dalio, Founder of Bridgewater Associates who was invited to speak at the World Government Summit 2023 in Dubai, ranked India high up during a session titled ‘Governments and Changing World Order’.

“India has a bright future. From the last 10 years of study and based on what we are seeing for the country, India will have the biggest and fastest growth rate. This country will see the biggest transformation among the rest of the countries of the world,” he said.

Dalio added that the US, China have power conflicts, but “neutral countries” like India will thrive. “Countries that stayed away from wars will benefit,” said Dalio in a conversation with Mohammad bin Abdullah Al Gergawi, UAE Minister of Cabinet Affairs.

Mohammad bin Abdullah Al Gergawi (left), UAE Minister of Cabinet Affairs with Dalio Image Credit: Ahmed Ramzan/Gulf News

“The dynamic of India is very interesting. It is dominated by a few families. It is not very open and it is not an easy place to get into but it will do well.”

Upon being asked by Gergawi about Europe and where the continent stands, Dalio said it is a great place to visit and enjoy its beauty.

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Rise and fall of empires

Dalio who has authored a book on the ‘Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail’ held a book signing as well at the Summit.

In the book, he has studied 10 powerful empires over the last 500 years. “It took me through the rise and decline of the Dutch, British Empire and the rise and decline in the United States empire – the rise and fall of its dollar - and the Chinese Empire.”

The billionaire businessman, who is considered a mentor for many people, said: “A big cycle typically begins after a major conflict where one establishes a new leading power and the New World Order. No one wants to challenge this power, a period of peace and prosperity typically follows as people get used to this. They increasingly bet on this peace and prosperity, borrowing money, which eventually leads to a financial bubble.

“When I was born in 1949 we were just coming out of the Second World War. I was born to loving parents. I studied in a public school. I came to a country of equal opportunity in which anyone could be a citizen equally likely a rule of law. It was a fabulous environment where you could not compete anywhere in the world. Today it is very different. The times have changed completely. So what I see today surprises me as I did not see that in my lifetime,” he said.