(Updates with comments on Europe in fourth paragraph.)
Oct. 24 (Bloomberg) -- The U.S. government should put more funds into the “real economy” rather than focusing on aid to the financial sector, billionaire Carlos Slim said.
“The monetary and the fiscal policies, which are very aggressive, should go more to the real economy,” Slim, the world’s richest person, told reporters today at a conference in Geneva. “It’s going in some way more to the financial economy.”
Slim, who controls Mexico City-based America Movil SAB, the largest telecommunications carrier in the Americas, plans to continue spending in his current markets. He is open to putting money into Europe, which needs more private investment instead of debt cuts to pull out of crisis, he said.
“The structural change will come from more investment in the private sector,” he said. “Instead of stopping the investment in the public sector and creating austerity programs, which creates unemployment, it’s better to rely on a development program financed by the private sector.”
Slim, 71, was named the world’s richest man in March by Forbes magazine. He has about $63 billion in publicly disclosed holdings, according to Bloomberg data.
Latin American governments should do more to strengthen their domestic markets to avoid contagion, Slim said.
--With assistance from Crayton Harrison in Mexico City. Editors: Peter Elstrom, Ville Heiskanen
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