(Bloomberg) -- Bridgewater Associates LP founder Ray Dalio said he’s pessimistic about the global economy next year, in comments echoed by Citigroup Inc. Chief Executive Officer Jane Fraser at the latest edition of the Future Investment Initiative summit in Riyadh.

“If you take the time horizon, the monetary policies that we are going to see will have greater effects on the world, it’s difficult to be optimistic about that,” said Dalio said. The upcoming US elections will be about irreconcilable differences to do with wealth and power, he added.

Speaking alongside JPMorgan & Chase Co. CEO Jamie Dimon, Fraser echoed those comments. “We’re sitting here with a backdrop of the terrorist attack in Israel and the events that have unfolded since, and it’s desperately sad,” she said. “So it’s hard not to be a little pessimistic.”

Read More: Saudi PIF Chief Pledges to Be ‘Catalyst for Change’: FII Update

©2023 Bloomberg L.P.