Chief Economist: US, EU and Asia need to focus on stimulating the micro economy to generate growth

Mr. Jakobsen will discuss the current market situation and the Bank's outlook for the first quarter of 2013 with professional investors and media at the Saxo Bank (Dubai) Ltd., DIFC office.

In its first quarterly outlook of 2013, the Bank says that this year will be about bridging the huge reality gap between improving conditions of the financial system with the still stumbling real economy. That job is far bigger than consensus seems willing to admit, Mr. Jakobsen says prior to his visit to Dubai.

The bank's Q1 Outlook focuses on small businesses in the US, EU and Asia that accelerates social tensions that may put at risk political and eventually financial market stability. Steen Jakobsen also stresses importance on Asia and especially on its main powerhouse: China.

"China needs to change its business model and progress from the world's largest so-called emerging economy to a fully developed superpower. The most important changes that have to be done are increased competition, reduced corruption, developed domestic capital markets and expansion of social welfare course, especially healthcare", says Jakobsen.

Steen Jakobsen is a regular guest host and commentator on CNBC, Bloomberg and other networks. He has more than 20 years of experience within the fields of proprietary trading and alternative investment. In 1997, he became Global Head of Trading, FX and Options at Christiania (now Nordea) in New York until he joined UBS in New York in 1999 as the Executive Director in the Global Proprietary Trading Group. He joined Saxo Bank in 2000 and after a brief departure to Limus Capital Partners, where he was Chief Investment Officer for two years, he returned to the bank in 2011 as Chief Economist.